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Unemployment Drops In U.S.

The U.S. unemployment rate dipped slightly to 5.4 per cent from the 5.5 per cent seen in July.

The U.S. Labour Department said 144,000 new jobs were added to payrolls. That marked the best job creation since May and the twelfth straight month of job creation.

The August job growth was slightly below the 150,000 that economists had been forecasting.

The U.S. unemployment rate dropped as more people gave up looking for work.

"Given the palpable fear in financial markets that the August numbers would fall significantly short of expectations, the near-consensus reading is a welcome relief," said TD Bank economist Gillian Manning.

The U.S. Labour Department also revised upward its job creation figures for June and July.

The economy and job creation will continue to be a hot topic in the current U.S. presidential election campaign. President George W. Bush and his Democratic challenger John Kerry often wrestle over the management of the U.S. economy.


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