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The U.S. economy eliminated 40,000 jobs last month as the unemployment rate rose to 6 percent, according to Labor Department data issued Friday. The rate matches the April 2002 rate and is the highest since 6.1 percent in July 1994 when the rate was heading lower. Economists thought on average about 33,000 new jobs would be created last month, although estimates were all over the board. The jobless rate was seen rising to 5.8 percent from 5.7 percent. October payrolls were revised from a 5,000 job loss to a 6,000 gain. The bulk of job losses last month were concentrated in manufacturing and retail, although construction hiring was soft as well. Service and government jobs increased. Average hours worked, the factory workweek and overtime hours were all unchanged last month. Average hourly earnings rose 0.3 percent as expected.
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