U.S. Companies Cut Payrolls by 93,000

By LEIGH STROPE
AP Labor Writer

bWASHINGTON (AP) -- U.S. companies slashed payrolls for a seventh straight month in August, raising new worries that a weak jobs market could shackle the budding economic recovery despite a slight improvement in the overall unemployment rate.

Payrolls fell by 92,000 last month after a loss of 49,000 jobs in July, the Labor Department reported from its survey of U.S. businesses. Analysts had expected an improving economy to create 12,000 jobs.

"This suggests that we may be further than we thought from a truly sustainable economic recovery," said Bill Cheney, chief economist at John Hancock Financial Services Inc.

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The neocons can't keep blaming this on Clinton.