07 Sep 2007 The Other Shoe Just Dropped
Posted at 16:10h in The Friday BriefMr. Bernanke said he was waiting for timely data to inform the Fed about the strength of the economy. He got some today. The U.S.economy unexpectedly lost jobs in August for the first time in four years according to the Labor Department.USEmployers cut 4,000 workers from payrolls in August, compared with a revised gain of 68,000 in July that was smaller than previously reported. Economists were looking for payrolls to rise by 100,000 jobs. The unemployment rate held at 4.6% as almost 600,000 people left the workforce.