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Job Losses in U.S. Slow as Unemployment Climbs to 26-Year High

According to Bloomberg News, the U.S. economy lost fewer jobs in August as unemployment climbed to a 26-year high, indicating the recovery from the worst recession since the 1930s will be slow to gain speed.

Companies cut payrolls by 216,000 workers, less than forecast, after a 276,000 drop in July, Labor Department data showed yesterday in Washington. The jobless rate rose to 9.7 percent, higher than anticipated, from 9.4 percent.

The figures stoked concern that a turnaround in the labor market will not begin until well after the recovery is forecast to take hold in the second half of the year. With the ranks of long-term unemployed nearing 5 million, workers are at risk of losing skills, making it difficult to eventually find a job.