>>>>>>>>>> Jobless rate soars to 6.1%%
>>>>>>>>>> Unemployment surges to 5-year high as employers cut workers for eighth
>>>>>>>>>> straight month, bringing '08 job losses to 605,000.
>>>>>>>>>> NEW YORK (
CNNMoney.com) -- The unemployment rate soared to a nearly
>>>>>>>>>> five-year high in August, topping 6%%, as employers trimmed jobs for the
>>>>>>>>>> eighth straight month, according to the latest government reading Friday
>>>>>>>>>> that came in weaker than forecasts.
>>>>>>>>>> The big surprise in the report was that the unemployment rate rose to
>>>>>>>>>> 6.1%%, the highest level since September 2003. That's up from the 5.7%%
>>>>>>>>>> rate in July and 4.7%% a year ago. Economists surveyed by
Briefing.com
>>>>>>>>>> had forecast the rate would remain unchanged from the July reading.
>>>>>>>>>> There was a net loss of 84,000 jobs in August, according to the Labor
>>>>>>>>>> Department, compared to a revised reading of a 60,000 job loss in July.
>>>>>>>>>> Economists surveyed by
Briefing.com had forecast a loss of 75,000 jobs.
>>>>>>>>>> With the August report, the U.S. economy has now lost 605,000 jobs so
>>>>>>>>>> far this year.
>>>>>>>>>> Manufacturing lost 61,000 jobs, while construction employment fell by
>>>>>>>>>> 8,000. But the job losses were widespread beyond those two troubled sectors.
>>>>>>>>>> Retailers trimmed 20,000 jobs despite the back-to-school shopping season
>>>>>>>>>> that is second only to the holiday period for many stores. Business and
>>>>>>>>>> professional services, a broad category that includes industries such as
>>>>>>>>>> accountants, consultants and legal services, lost 53,000 workers.
>>>>>>>>>> Leisure and hospitality cut 4,000 jobs.
>>>>>>>>>> The few sectors showing gains were government as well as education and
>>>>>>>>>> health services, which gained 72,000 between them to temper the losses
>>>>>>>>>> elsewhere.
>>>>>>>>>> But while economists generally study the payroll numbers most closely in
>>>>>>>>>> this report, it's the unemployment rate that registers with most
>>>>>>>>>> Americans when they think about the labor market.
>>>>>>>>>> The jump is likely to be a new blow to consumer confidence, which had
>>>>>>>>>> just started to show gains from earlier lows due to declining gasoline
>>>>>>>>>> prices. And if consumer confidence starts to fall again, it could put a
>>>>>>>>>> brake on spending which in turn would be a new drag on the economy.
>>>>>>>>>> The unemployment rate doesn't even tell the whole picture about how
>>>>>>>>>> difficult the job market has become. It only counts those who looked for
>>>>>>>>>> work during the month, not unemployed people who want jobs but who have
>>>>>>>>>> become discouraged from looking for work. And it also doesn't count
>>>>>>>>>> those who want full-time jobs but can only find part-time position.
>>>>>>>>>> The so-called underemployment rate, which includes those two other
>>>>>>>>>> groups, rose to 10.7%%, the highest reading since 1994.
>>>> You seem pretty obsessed with Harry's Weiner. Do you swallow?- Hide quoted text -
>>>> - Show quoted text -
