Heading in wrong direction on job growth. Bad economic news:
Employers cut 4,000 jobs in August, the first time in four years that monthly hiring contracted, the government said on Friday in a report certain to boost pressure on Federal Reserve policy makers to cut interest rates.
The surprisingly bleak August jobs report was sharply contrary to expectations that hiring would keep rising and comes even before the worst of the credit-market turmoil has begun to have an impact on the economy. Many financial services firms hit by subprime mortgage problems already have begun to announce layoffs.
The last time the economy shed jobs was in August 2003, when 42,000 jobs were cut.
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