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| Version 0 | Version 1 |
|---|---|
| US unemployment expected to soar | US unemployment expected to soar |
| (30 minutes later) | |
| Payroll figures due out later on Friday are expected to show that it was an unusually tough month for US workers. | Payroll figures due out later on Friday are expected to show that it was an unusually tough month for US workers. |
| Figures from the Labor Department are predicted to show that employers cut a net total of 650,000 jobs in the month, up from 598,000 in January. | Figures from the Labor Department are predicted to show that employers cut a net total of 650,000 jobs in the month, up from 598,000 in January. |
| That figure would be the biggest monthly rise in unemployment since October 1949, although the workforce has grown significantly since then. | That figure would be the biggest monthly rise in unemployment since October 1949, although the workforce has grown significantly since then. |
| The jobless rate is expected to rise to 7.9% from 7.6% in January. | The jobless rate is expected to rise to 7.9% from 7.6% in January. |
| A jobless rate of 7.9% would be the highest since the rate of 8% recorded in January 1984. | |
| The figures follow Thursday's data, which showed that initial jobless claims fell in the week ending 28 February to 639,000 from the previous week's level of 670,000. | The figures follow Thursday's data, which showed that initial jobless claims fell in the week ending 28 February to 639,000 from the previous week's level of 670,000. |
| "Despite this decline, which is good news, initial claims remained at a very high level at the end of February, suggesting that the period of strong layoffs is not over," said Marie-Pierre Ripert at Natixis. | "Despite this decline, which is good news, initial claims remained at a very high level at the end of February, suggesting that the period of strong layoffs is not over," said Marie-Pierre Ripert at Natixis. |
| Goodyear was one of the companies that announced job cuts in February | |
| The perception that the payrolls figure is likely to show a big fall was strengthened by the Federal Reserve's Beige Book, released on Wednesday, which said that economic activity had "deteriorated further" in February. | The perception that the payrolls figure is likely to show a big fall was strengthened by the Federal Reserve's Beige Book, released on Wednesday, which said that economic activity had "deteriorated further" in February. |
| Thousands more job cuts have been announced in the past month. | |
| Goodyear Tire and Rubber announced plans on 18 February to cut 5,000 jobs, after reporting a three-month loss of $330m (£232m). | |
| The welding products manufacturer Lincoln Electric said on 3 March that it planned to cut more than 10% of its workforce of 9,000. |