Friday, July 4, 2008

US extends job losses, more pain ahead and Related Business News

US employers cut workers for a sixth straight month in June for the longest such streak since 2002 and the vast service sector unexpectedly contracted, underscoring the economy's frailty.

The Labour Department said that 62,000 non-farm jobs were lost last month, bringing jobs shed for the year to 438,000 as a housing market crash chilled growth.

The unemployment rate, which shot up sharply in May, held steady at 5.5 per cent.
Read more:
US extends job losses, more pain ahead
Oil prices blaze past record $US146
Australia mired in 'mortgage recession'
General Motors 'may face bankruptcy'

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