9/4/2009

The U.S. unemployment rate grew to 9.7% for August, the highest rate in more than 25 years. Economists had forecast 9.5% unemployment for the month, and some surveyed by Bloomberg predict that unemployment could reach 10% by early 2010. Employers cut 216,000 jobs for August, according to the Labor Department, which was less than the 276,000 jobs lost in July.

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