US Unemployment Rate Hits 5-year High

US Unemployment Rate Hits 5-year High

The US unemployment rate rose to a five year high in August as the embattled American economy lost more than jobs than expected and as the government sharply revised losses from past months. The number of non-farm jobs lost last month was 84,000, the eighth consecutive month of losses and somewhat higher than the 75,000 expected by a consensus economists forecasts. At the same time, the US Labour Department said it was revising its estimates of how many people lost their jobs in July up to 60,000 from 51,000 as well as its June figures, up from 51,000 to 100,000.