US Economy - US calls 345,000 job losses 'start of recovery
The US economy shed another 345,000 jobs last month and the unemployment rate rose to 9.4 per cent, but the losses were smaller than expected and amplified hopes of a recovery.Economists described the figures as an unambiguous sign of improvement, yet also clear evidence of broadening national distress as millions of households grappled with joblessness and lost working hours. The fact that a report showing the highest unemployment rate in more than 25 years was embraced optimistically testifies to the stark fears over the economy in recent months. The US economy has lost 6 million jobs since the recession began in December 2007. Some economists think two million more could be lost.
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