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| Version 1 | Version 2 |
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| US jobs data shows surprise fall | US jobs data shows surprise fall |
| (10 minutes later) | |
| US employers have cut back on jobs for the first time in four years, Labor Department figures for August reveal. | US employers have cut back on jobs for the first time in four years, Labor Department figures for August reveal. |
| The Department of Labor said 4,000 jobs were cut in August, although the unemployment rate is unchanged at 4.6%. | The Department of Labor said 4,000 jobs were cut in August, although the unemployment rate is unchanged at 4.6%. |
| The statistics fly in the face of hopes that employers would continue to hire new workers, and suggest that recent market turmoil is already hitting jobs. | The statistics fly in the face of hopes that employers would continue to hire new workers, and suggest that recent market turmoil is already hitting jobs. |
| The figures are alarming because US economists had anticipated data showing an increase of 110,000 jobs. | The figures are alarming because US economists had anticipated data showing an increase of 110,000 jobs. |
| Financial services firms are already laying off staff in the wake of the sub-prime mortgage debacle. | Financial services firms are already laying off staff in the wake of the sub-prime mortgage debacle. |
| Hirings falter | Hirings falter |
| The Department of Labor also cut its estimates for the number of new employees hired in June and July by a total of 81,000. | The Department of Labor also cut its estimates for the number of new employees hired in June and July by a total of 81,000. |
| It's dreadful...it seems to me almost inevitable we're heading for recession Analyst Michael Metz | It's dreadful...it seems to me almost inevitable we're heading for recession Analyst Michael Metz |
| The last time the US economy shed jobs was in August 2003 when the total number employed fell by 42,000. | The last time the US economy shed jobs was in August 2003 when the total number employed fell by 42,000. |
| The figures come in the wake of former Federal Reserve Bank boss Alan Greenspan comparing current market conditions to those preceding earlier crashes. | The figures come in the wake of former Federal Reserve Bank boss Alan Greenspan comparing current market conditions to those preceding earlier crashes. |
| Michael Metz, chief investment strategist at Oppenheimer & Co in New York, reacted to the latest employment figures with gloom. | Michael Metz, chief investment strategist at Oppenheimer & Co in New York, reacted to the latest employment figures with gloom. |
| "It's dreadful...it seems to me almost inevitable we're heading for recession", Mr Metz said. | "It's dreadful...it seems to me almost inevitable we're heading for recession", Mr Metz said. |
| The figures will add to pressure on the Federal Reserve to lower interest rates. | |
| Fed chairman Ben Bernanke has stated that he is prepared to act to prevent credit difficulties sparked by the sub-prime crisis from damaging the US economy. |