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| US jobless rate rises to hit 8.1% | |
| (8 minutes later) | |
| The US jobless rate jumped in February to 8.1%, according to official figures from the Labor Department. | The US jobless rate jumped in February to 8.1%, according to official figures from the Labor Department. |
| The number of people out of work rose by 651,000 during the month. Both figures were bigger than expected. | The number of people out of work rose by 651,000 during the month. Both figures were bigger than expected. |
| The number of job cuts in January was revised up to 655,000 while December's losses were pushed up to 681,000. | The number of job cuts in January was revised up to 655,000 while December's losses were pushed up to 681,000. |
| December's figure was the biggest job loss in a single month since October 1949. The unemployment rate was the highest since December 1983. | December's figure was the biggest job loss in a single month since October 1949. The unemployment rate was the highest since December 1983. |
| Rising unemployment has meant greater demand for free meals | Rising unemployment has meant greater demand for free meals |
| It means that almost two million jobs have been lost in the past three months. | |
| A total of 12.5 million people are now unemployed in the US. | |
| There were further signs of companies cutting back on their spending with the news that the number of people who wanted to work full-time but were forced to work part-time for economic reasons rising 787,000 to 8.6 million. | |
| The average working week stood at 33.3 hours, matching the record low set in December. | |
| Jobs were cut in most sectors, with only government, education and health services adding staff. | Jobs were cut in most sectors, with only government, education and health services adding staff. |
| In the manufacturing sector 168,000 jobs were cut in the month while 104,000 jobs went in construction and 375,000 were cut in the service sector. | In the manufacturing sector 168,000 jobs were cut in the month while 104,000 jobs went in construction and 375,000 were cut in the service sector. |
| "The payroll numbers are very weak. With the revisions, we've had significant job losses in the past four months," said Gary Thayer, senior economist at Wachovia Securities in St Louis. | "The payroll numbers are very weak. With the revisions, we've had significant job losses in the past four months," said Gary Thayer, senior economist at Wachovia Securities in St Louis. |
| "Companies are reducing workers and output in order to bring inventories into line with weak sales." | "Companies are reducing workers and output in order to bring inventories into line with weak sales." |