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The U.S. economy lost tens of thousands of jobs in September, and the unemployment rate stayed at a high level. There are nearly 15 million Americans out of work and millions more seeking better jobs.
The U.S. unemployment rate stayed at 9.6 percent in September, while the overall economy had a net loss of 95,000 jobs.
Friday's report from the Labor Department says governments shed 159,000 jobs, including many state and local workers. At the same time, private employers added 64,000 jobs.
The U.S. lost more jobs than forecast in September, reflecting a decline in government payrolls that shows the damage being done by rising fiscal deficits.
Employers cut staffing by 95,000 workers after a revised 57,000 decrease in August, Labor Department figures in Washington showed today. The median estimate of economists surveyed by Bloomberg News called for a 5,000 drop. The unemployment rate unexpectedly held at 9.6 percent.
The U.S. lost more jobs than forecast in September as local governments fired educators and other workers to make up for declining tax revenue.
Payrolls fell by 95,000 workers after a revised 57,000 decrease in August, the Labor Department said yesterday in Washington. Companies added 64,000 jobs, less than forecast, while the unemployment rate held at 9.6 percent.
A lack of jobs is hampering consumer spending, the biggest part of the economy, limiting growth heading into 2011. The dollar weakened and the Dow Jones Industrial Average closed above 11,000 as the report bolstered speculation the Federal Reserve will embark on a renewed round of large-scale asset purchases to spur the recovery.
“This is really just the first step in a long line of layoffs in the public sector,” said Lindsey Piegza, an economist at FTN Financial in New York. “The momentum in the private sector is very minimal. There are all of these uncertainties hanging over the private sector right now.”