Economy loses 85,000 jobs, unemployment rate steady - Spokane, North Idaho News & Weather KHQ.com

Economy loses 85,000 jobs, unemployment rate steady

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WASHINGTON. - An economist says today's jobless report shows "Main Street doesn't believe there's a recovery yet." Jonathan Basile says people aren't yet out looking for jobs.
     
The Labor Department says the unemployment rate stayed at 10 percent, with a loss of 85,000 jobs last month. Analysts expected a drop of 8,000.
     
Some economists say there's an improvement trend. The economy lost an average of nearly 700,000 jobs in the first three months of last year, compared with 69,000 in the fourth quarter.
     
Economist Nigel Gault says private companies added jobs for the second straight month, but most were temporary workers.
     
Layoffs continue. UPS said today it will cut 1,800 jobs, and Lockheed Martin is cutting 1,200 workers. That's less than one percent of its workforce.

Obama to announce more spending on green jobs

President Barack Obama plans to announce more government spending to create tens of thousands of green jobs as the nation is weighed down by an unemployment rate stuck at 10 percent.
     
The White House says Obama on Friday will announce projects that will help develop solar and wind power and energy management technologies. The funding is part of the $787 billion economic stimulus package Congress approved early last year.
     
Obama plans to talk Friday about the steps he's taking to combat unemployment. The government says 85,000 jobs were shed in December.

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