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Name:
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GoneFishin
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Subject:
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Be Positive
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Date:
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2/5/2010 11:48:16 AM
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Some good news for a CHANGE..............
Bloomberg
U.S. Economy: Unemployment Rate Unexpectedly Declines to 9.7%
February 05, 2010, 11:08 AM EST
More From Businessweek
Timothy R. Homan
Feb. 5 (Bloomberg) -- The unemployment rate in the U.S. unexpectedly dropped to 9.7 percent in January, indicating the labor market may be poised to climb out of its deepest slump since World War II.
More than half a million Americans found work, a Labor Department report showed today in Washington, helping push the jobless rate to the lowest since August. A separate survey of employers showed payrolls declined by 20,000 as construction companies and state and local governments cut back.
Manufacturers hired more workers for the first time in three years, expanded hours and boosted pay, which may lift consumer spending and sustain growth. Revisions to previous data increased the number of jobs lost in the recession to 8.4 million, adding impetus to the Obama administration’s push for fresh government measures to boost employment.
“The labor market, six months after the economy turned positive, is beginning to find its bottom,” said Neal Soss, chief economist at Credit Suisse in New York, who forecast a payroll drop of 25,000. “We’re still teetering on the cusp of job growth.”
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