Economy Sheds 85,000 Jobs in December

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The economy lost more jobs than expected in December while the unemployment rate held steady at 10 percent, as a sluggish economic recovery has yet to revive hiring among the nation’s employers.

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The Labor Department said Friday that employers cut 85,000 jobs last month, worse than the 8,000 drop analysts expected.

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A sharp drop in the labor force, a sign more of the jobless are giving up on their search for work, kept the unemployment rate at the same rate as in November.