Friday, September 3, 2010

Economy is treading water

The unemployment rate edged up and private-sector job creation continued at a modest pace in August, the government said Friday, reflecting an economy that is treading water, neither accelerating into a robust recovery nor slipping into another recession, the Washington Post reports.

The unemployment rate rose slightly to 9.6 percent, from 9.5 percent, the Labor Department said, as hundreds of thousands of people rejoined the labor force.

Private employers, meanwhile, created a net of 67,000 jobs, better than expected but below the 107,000 positions they added to payrolls in July. Overall, the nation shed 54,000 positions, but that was driven by the elimination of temporary Census jobs, which was widely anticipated.

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