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| Version 0 | Version 1 |
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| US jobless rate near 5-year high | US jobless rate near 5-year high |
| (40 minutes later) | |
| The unemployment rate in the US is at its highest level in nearly five years after a higher-than-expected 84,000 jobs were lost last month. | The unemployment rate in the US is at its highest level in nearly five years after a higher-than-expected 84,000 jobs were lost last month. |
| The jobless rate has risen to 6.1%, the highest since December 2003, adding to concern about the US economy and its ability to stave off a recession. | The jobless rate has risen to 6.1%, the highest since December 2003, adding to concern about the US economy and its ability to stave off a recession. |
| In a further blow, the Labor Department revised upwards job loss figures for each of the past two months. | In a further blow, the Labor Department revised upwards job loss figures for each of the past two months. |
| The Federal Reserve said earlier that economic activity remained "weak". | |
| Worse than thought | Worse than thought |
| The number of jobs lost last month was significantly higher than the 75,000 forecast by economists. | The number of jobs lost last month was significantly higher than the 75,000 forecast by economists. |
| All sectors of the economy were affected with manufacturing worst hit, shedding 61,000 jobs. | All sectors of the economy were affected with manufacturing worst hit, shedding 61,000 jobs. |
| This is more convincing evidence that the economy is still in trouble Gary Thayer, Wachovia Securities | This is more convincing evidence that the economy is still in trouble Gary Thayer, Wachovia Securities |
| The labour market has worsened noticeably in recent months, reflected by the fact that it is now apparent that more jobs were lost in June and July than was previously thought. | The labour market has worsened noticeably in recent months, reflected by the fact that it is now apparent that more jobs were lost in June and July than was previously thought. |
| Revised figures show that in June, 100,000 jobs were lost while in July 60,000 jobs disappeared. This was up from the 51,000 figure initially forecast for both months. | Revised figures show that in June, 100,000 jobs were lost while in July 60,000 jobs disappeared. This was up from the 51,000 figure initially forecast for both months. |
| Employers have now reduced their payrolls for eight straight months, with the dramatic downturn in the housing market and the credit crunch hurting all sectors of the economy. | Employers have now reduced their payrolls for eight straight months, with the dramatic downturn in the housing market and the credit crunch hurting all sectors of the economy. |
| "This is more convincing evidence that the economy is still in trouble," said Gary Thayer, senior economist at Wachovia Securities. | "This is more convincing evidence that the economy is still in trouble," said Gary Thayer, senior economist at Wachovia Securities. |
| "The economy is clearly deteriorating." | |
| Political focus | |
| Both candidates in November's Presidential election are under pressure to come up with concrete proposals to help the growing number of people out of work and families battling against rising living costs. | |
| Although the US economy grew a robust 3.3% in the second quarter, businesses are struggling to cope with the high cost of raw materials and energy, fragile consumer confidence and weaker export markets. | |
| The Federal Reserve, which meets to decide on interest rates next week, has warned that the US is facing the twin threats of weak growth and rising inflation. | |
| The bleak employment picture means the Fed is unlikely to raise rates in the foreseeable future while further cuts seem equally unlikely against a background of rising inflation. | |
| "The jobs number is weak again but we think this probably is not the time to panic," said Steve Goldman, strategist at Weeden & Co. |