Business News
US economy loses jobs, unemployment drops to 4.9 per cent
Feb 1, 2008, 15:34 GMT
Washington - The US unemployment rate dropped slightly to 4.9 per cent in January but the economy lost jobs - 17,000 - for the first time in four years, the Labour Department said Friday amid continuing concerns about an economic slowdown.
Unemployment stood at 5 per cent in December, when 82,000 jobs were added to the economy. The loss in jobs for January reflected declines in the construction and manufacturing sectors, while jobs were added in health care, the department said.
US economic growth slowed sharply to 0.6 per cent annualized in the fourth quarter of 2007, prompting the US Federal Reserve to slash its key interest rate by 0.5 to 3 per cent on Wednesday - its second cut in nine days to calm financial markets and buoy the economy.
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