The jobless rate in the US is likely to approach 10% in coming months as the economy fails to grow enough to employ people rejoining the labor force, economists said. Private payrolls climbed 67,000 in August, after a gain of 107,000 the previous month, and the unemployment rate rose to 9.6%, the Labor Department reported. (Bloomberg)
European Union governments sought to strengthen the management of the Euro region as Germany warned that the economic rebound is slowing its push for stiffer sanctions on high-deficit countries. EU finance ministers weighed ideas for improving national budget management, monitoring countries at risk and imposing sanctions on rule-breakers, EU President Herman Van Rompuy said in a statement after leading a brainstorming session in Brussels. (Bloomberg)
German factory orders unexpectedly fell in July as demand in the Euro region weakened, indicating the recovery in Europe’s largest economy is losing momentum. Orders, adjusted for seasonal swings and inflation, declined 2.2% from June, when they surged a revised 3.6%, the Economy Ministry in Berlin said. (Bloomberg)
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