Friday, October 03, 2008


Losing jobs

U.S. employers cut payrolls at the steepest rate in 5-1/2 years in September, slashing an unexpectedly large 159,000 jobs as employment contracted for a ninth straight month, suggesting the economy may be in recession.

The unemployment rate was unchanged from August at 6.1 percent, the highest rate in five years, as 121,000 people left the workforce, the Labor Department reported Friday.