U.S. employers unexpectedly cut 23,000 jobs last month, and Labor Department revisions shaved 103,000 jobs off payrolls in May and June. The unemployment rate dipped to 4.1% only because Americans left the job market. Meanwhile, the average long-term U.S. mortgage rate rose for a fifth consecutive week to its highest level in just over a year, marking the latest strain for prospective homebuyers who are facing steep borrowing costs. The benchmark 30-year fixed rate mortgage rate rose to 6.69%, mortgage buyer Freddie Mac said Thursday, up slightly from 6.66% reported last week.
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Ford Motor Company hands out hundreds of pink slips. The automaker, cutting about 500 jobs this week starting Tuesday, part of a massive restructuring plan with Ford shedding about 2,300 white collar jobs through buyouts and layoffs, mainly in and around its Dearborn, Michigan headquarters. Around 7,000 positions being eliminated worldwide.