09 October 2010

The US financial system misplaced an additional 95,000 work opportunities in September

The US economy misplaced yet another 95,000 jobs in September, as public market cuts outpaced hiring by the private market.

According to the Labor Department figures, the fall was almost double August's 54,000 career loss quantity.

The jobless rate held at 9.6%, but nonetheless marks the 14th straight month it has been over 9.5%.

The jobs news sent stocks slightly higher after raising expectations the US Federal Reserve will take further action to pump money into the economy.

The primary Dow Jones index closed over 11,000 for the 1st time in 5 months, rising 58 points to 11,006.48.
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A total of 159,000 authorities lay-offs were made in September, with the private market adding 64,000 positions, the weakest gain since June.

Of the public market career cuts, about 76,000 were in local authorities, with a large quantity of lay-offs among teachers, analysts mentioned.

The so-called "under-employment rate" - those who have given up looking for work or are part-timers looking for full-time posts - rose to 17.1% in September from 16.7% in August.

Sectors showing jobs growth included healthcare, retailing, and leisure and hospitality.

Inside the private market, the manufacturing and construction industries cut the most jobs.

Meanwhile, revisions to info for July and August showed 15,000 a lot more jobs were misplaced in individuals months than previously reported.

The jobless info is the Labor Department's final report prior to November's elections to Congress, when the Democrats will come beneath intense pressure about the state from the economy.

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