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U.S. Economy Loses 159,000 Jobs in September; Manufacturing Hit Hard

10/03/2008
Employers in the United States cut 159,000 jobs in September, the largest monthly reduction in more than five years, according to figures from the U.S. Department of Labor. The figure was considerably higher than the 100,000 average prediction by industry analysts. It was the ninth straight month of job losses, with 760,000 jobs shed so far this year. The national unemployment rate held steady at 6.1 percent. The manufacturing sector was hit particularly hard, with 51,000 jobs cut; the sector has lost 442,000 jobs in the past 12 months. Other sector losses included retail, with 40,000 jobs lost; construction, with 35,000; automotive, with 18,000; and financial services, with 17,000. Sectors gaining included education, healthcare, and mining.

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