US Economy - 84,000 jobs cut in Aug.; jobless rate hits 5-year high of 6.1% - by Sue Kirchhof
US businesses shed 84,000 jobs in August as the unemployment rate soared to a five-year peak of 6.1%, the Labor Department said Friday in a report providing stark evidence that the economy is foundering. Fully 2.2 million Americans have lost their jobs in the past 12 months, as the unemployment rate has climbed from 4.7%. So far in 2008, firms have laid off 605,000 workers, with job losses averaging 76,000 a month.
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