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US jobs data shows surprise fall
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| Contributor | Patrick |
| Last Edited | Patrick Sep 07, 2007 10:42am |
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| Category | News |
| Media | TV News - British Broadcasting Corporation BBC News |
| News Date | Friday, September 7, 2007 04:40:00 PM UTC0:0 |
| Description | US employers have cut back on jobs for the first time in four years, Labor Department figures for August reveal.
The Department of Labor said 4,000 jobs were cut in August, prompting the Dow Jones index to fall by 141 points in opening Friday trading in New York.
Market alarm spread because economists had anticipated data showing an increase of 110,000 jobs.
The statistics undermined those hopes and confirmed that recent market turmoil is hitting jobs.
Financial services firms are already laying off staff in the wake of the sub-prime mortgage debacle. |
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