US jobless figures rise again

Thousands of jobs lost amid continuing US economic slowdown.

    Jobs are becoming more and more
    scarce in the US [GALLO\GETTY]

    Employers started laying off substantial numbers of workers in January amid a lingering housing market slump, an international credit squeeze, a sharp downturn on Wall Street and rocketing oil prices, which surged above $146 a barrel on Thursday.

    Stimulus plan

    Many analysts say the US economy is on the brink of recession.

    The Bush administration has approved a $169 billion economic stimulus plan, that includes tax rebates for many US citizens, to bolster the economy, but there have been few signs that it has helped create jobs.

    "Unemployment is still on a rising trend, payrolls are falling and there's no light at the end of the tunnel here, so the tax rebates may have pushed up consumer spending, but it doesn't seem to have improved the labour market yet," said Ian Morris, chief US economist at HSBC North America.

    The US economy has shed jobs every month of this year so far, and June's job cuts followed a revised figure of 62,000 jobs lost in May.

    The government had originally said that 49,000 jobs were cut in May.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    Interactive: Coding like a girl

    Interactive: Coding like a girl

    What obstacles do young women in technology have to overcome to achieve their dreams? Play this retro game to find out.

    Heron Gate mass eviction: 'We never expected this in Canada'

    Hundreds face mass eviction in Canada's capital

    About 150 homes in one of Ottawa's most diverse and affordable communities are expected to be torn down in coming months

    I remember the day … I designed the Nigerian flag

    I remember the day … I designed the Nigerian flag

    In 1959, a year before Nigeria's independence, a 23-year-old student helped colour the country's identity.