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IPFS News Link • Economy - Economics USA

Payrolls Drop in 28 U.S. States, Joblessness Up in 21

12-19-2010 • Bloomberg.com

After Nevada, the jobless rate was highest in California and Michigan at 12.4 percent, today’s report from the Labor Department showed. Michigan, which is part of the so-called manufacturing Rust Belt, saw its unemployment rate drop by 0.4 percentage point, pushing it to the lowest level since February 2009, as the labor force shrank by 19,500 workers. Yahoo! Inc., owner of the largest U.S. Web portal, is among companies still trimming payrolls. The firm is cutting about 600 jobs, or about 4 percent of its workforce, part of an almost two-year turnaround effort. The notification process began on Dec. 14 and most of the cuts will come from the product group, said Kim Rubey, a spokeswoman for Sunnyvale, California-based Yahoo.

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Reported By Jack Gregson

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