Employers slash jobs in December

Reuters
January 8, 2010

[efoods]U.S. employers cut 85,000 jobs in December, confounding expectations the labor market was finally stabilizing and piling pressure on President Barack Obama to spur job growth.

Unemployment, which held steady at 10 percent, remains the Achilles heel of the economy’s recovery from its worst recession in 70 years. Creating jobs is critical to sustaining the recovery when government stimulus fades.

November payrolls were revised to show the economy actually added 4,000 jobs rather than losing 11,000, as initially reported, breaking a streak of 22 consecutive monthly losses, the Labor Department’s report on Friday showed.

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