U.S. jobs losses hit 51,000, better than expected

U.S. employers eliminated 51,000 jobs in July, the seventh consecutive contraction in the labor market.

And the unemployment rate rose 5.7 percent, a sign that the pressure on business owners and consumers is likely to continue.

The number of layoffs was less than the 75,000 that economists had expected, and while the economy has lost jobs every month this year, the declines have softened since the spring.

Read Full Article from International Herald Tribune

- Posted: 2008-08-01 09:13:08

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