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Unemployment Hits Five-Year High for August

09/05/2008
The national unemployment rate rose to a five-year high of 6.1 percent, as U.S. employers cut 84,000 jobs in August, according to the U.S. Department of Labor. Most industry analysts expected the numbers to remain steady at 5.7 percent. Among the hardest-hit sectors were manufacturing, with 61,000 jobs lost; the largest decline within the sector was motor vehicles and parts, down 39,000. Sectors also seeing declines included business and professional services, with 53,000 jobs lost, mostly in temporary services; retail, down 19,000, mostly in motor vehicles and parts sales; construction, down 8,000; and wood products, down 7,000. Sectors that gained jobs included education and health services (55,000) and government (17,000).

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