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Friday, September 05, 2008

Unemployment climbs to 5-year high of 6.1 percent

Business Jobless Rate Jumps To 5-Year High
WASHINGTON — The nation's unemployment rate bolted above the psychologically important 6 percent level last month for the first time in five years _ and it's likely to go even higher in the months ahead, possibly throwing the economy into a tailspin as Americans pick a new president.
A blizzard of pink slips propelled the jobless rate from 5.7 percent in July to 6.1 percent in August, the Labor Department reported Friday. Such a sharp increase is usually a strong recession warning, and it dashed investors' hopes for a late-year recovery.


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