Friday, October 3, 2008

Employers cut jobs by most in more than 5 years

In this July 30, 2008 file photo, Donte Walker reads job listings at the employment training facility, JobTrain, in Menlo Park, Calif. New applications for unemployment benefits rose slightly last week to a seven-year high due to a weakening economy and the impact of Hurricanes Ike and Gustav, the Labor Department said Thursday, Oct. 2, 2008. (AP Photo/Paul Sakuma, file)

Employers slashed payrolls by 159,000 in September, the most in more than five years, a worrisome sign that the economy is hurtling toward a deep recession.

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