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Monday 19th of July 2010
January 8, 2010    

US job losses rise in December

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by Kay Murchie
US job losses rise in December

Figures published today by the US Labor Department revealed that the world’s largest economy lost more jobs than expected in December.

Today’s figures means the unemployment rate remains at 10%.

US employers cut 85,000 jobs in the month, surprising analysts after the economy added 4,000 jobs, rather than the initial estimate of losing 11,000 jobs during November.

The majority of the job losses were lost in the construction sector in December, shedding 53,000 positions, while 27,000 positions were lost in manufacturing.

Since the onset of the recession in December 2007 - 7.2 million jobs have been lost in the US with 4.2 million lost in 2009 alone.

Commenting on today’s figures, Dan Cook from IG Markets said: “I didn’t think we’d see something like this until February. I thought we’d have more temporary workers, and the other job indicators we had seemed fairly positive.”

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