Friday October 3, 01:59 PM
US sheds 159,000 jobs, unemployment rate holds at 6.1 percent
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WASHINGTON (AFP) - US employers shed 159,000 jobs in September, the government said Friday in a further sign of a troubled economy. The unemployment rate held at 6.1 percent, a five-year high.
The Labor Department's report on nonfarm payrolls, seen as one of the best indicators of economic momentum, showed a sharp rise in the number of job cuts after 73,000 job losses in August.
It was the ninth consecutive month of declining payrolls, according to the report, which was weaker than the average analyst forecast of a loss of 105,000 jobs.
Payrolls have fallen by 760,000 so far this year as the world's biggest economy has been roiled by a massive collapse in housing that spread to the financial sector and led to global credit crunch.
Over the month of September, employment continued to decline in manufacturing, construction, and retail trade, while some gains were seen in health care and mining.
The manufacturing sector lost 51,000 jobs over the month, bringing the decline in factory jobs to 442,000 over the past 12 months, the report said. About 18,000 jobs were lost last month in the auto sector, which has been reeling from weak consumer spending and confidence.
Some 35,000 jobs were lost in construction along with 40,000 in retail trade.
The troubled financial sector shed 17,000 jobs in September, with nearly half of the decline occurring in securities and investment firms. Overall, the report showed the financial sector has lost 172,000 jobs since December 2006.
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