U.S. employers slashed jobs for an eighth consecutive month in August and the nation's unemployment rate soared to a five-year high of 6.1%, up from 5.7% in July and 4.7% from one year ago. That's the highest it has been for 5 years.
In August, the economy suffered a net loss of 84,000 jobs, worse than the market forecast for a 75,000 decline. Additionally, job losses in June and July turned out to be much higher than originally reported. The economy lost an astounding 100,000 jobs in June and another 60,000 in July, according to revised figures. Previously, the Labor Department reported job losses at 51,000 in each of those months. So far this year, job losses have totaled 605,000.
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