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Unemployment Falls to 9.7%

It's the first time it's been under 10% in 4 months

By the Associated Press

Posted Feb 5, 2010 7:40 AM CST
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(AP) – The nation's unemployment rate fell unexpectedly to 9.7% in January, the Labor Department said today. The drop from 10% comes even as US employers cut another 20,000 jobs. The rate dropped because a survey of households found the number of employed Americans rose by 541,000. Overall, however, the total number of people who have lost jobs during the recession is now estimated to be 8.4 million.

Many economists say businesses are reluctant to add workers because it's not clear whether the recovery will continue once government stimulus measures, such as tax credits for home buyers, end. "Until some of these uncertainties from Washington get cleared up, businesses, particularly small businesses, are going to be loath to do any additional hiring," said the chief investment officer at Haverford Investments.

Job applicants talk with recruiters at a job fair in Santa Clara, Calif.
Job applicants talk with recruiters at a job fair in Santa Clara, Calif.   (AP Photo/Paul Sakuma)
Timothy White has his resume reviewed by Shelly Piper of Cape Ann, Mass., at job fair in Boston this week.
Timothy White has his resume reviewed by Shelly Piper of Cape Ann, Mass., at job fair in Boston this week.   (AP Photo/Steven Senne)
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COMMENTS
Showing 3 of 37 comments
Hybrid.
Feb 7, 2010 1:24 AM CST
@blues,,,its still just a plain dallor trade, Just watch the treasary yeilds for the direction!!!
scrappy2
Feb 6, 2010 4:05 AM CST
Response to "myvoice" ..albeit a little late. The state where I am located has the mentality that whatever documented reason for firing anyone is 'they worked to the best of their ability"; therefore they are entitled to benefits...this is an actual response! Doesn't matter they lied..doesn't matter we verify references (they cannot say anything negative!!). So you become "it"...a source for revenue for them without working to earn it. When "it" depletes their unemployment account, they just repeat the cycle. This is not only MY experience, my network of business owners face the same problem. My solution: I have addressed this with my staff and they are willing to add more hours to their work-day and I pay them handsomely. Until the government (state & DC) changes their penchant for killing businesses in the US, we will continue without hiring.
blues_junky
Feb 5, 2010 9:40 AM CST
No shit, Hybrid.....that freakin' board drives me nuts. But, I don't trust stop losses, since the MM's can see them, take them out whenever they want, then run it back up. I forgot that the EU credit worries were reported last night, but what ran it back up today?

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recession • unemployment • Department of Labor • jobless claims • jobless • unemployment rate

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