The unemployment rate jumped to 9.7 percent in August, the highest since June 1983, as employers eliminated a net total of 216,000 jobs.

The level of job cuts is less than July's upwardly revised total of 276,000 and is the lowest in a year. Analysts expected the unemployment rate to rise to 9.5 percent from July's 9.4 percent, and job reductions to total 225,000.

If laid-off workers who have settled for part-time work or have given up looking for new jobs are included, the so-called underemployment rate reached 16.8 percent, the highest on records dating from 1994.

The economy is showing consistent signs of improvement, but probably not enough to stop employers from cutting jobs or to keep the unemployment rate from rising.

The Labor Department is expected to report Friday that the jobless rate increased to 9.5 percent in August, from 9.4 percent in July, as employers cut 225,000 jobs.

The employment report will follow other recent data that shows the economy is pulling out of the worst recession since World War II. A trade group reported Tuesday that the manufacturing sector grew in August for the first time in 19 months, while home sales have increased for several months.

But the economy isn't expected to grow strongly enough this year to persuade companies to ramp up hiring. Most economists expect the unemployment rate to top 10 percent by early next year.

"We have a very long, painful healing process ahead," said Bruce Kasman, chief economist at JPMorgan Chase & Co. "The good news is we're starting it, the bad news is we need much faster growth" to bring the employment rate down.

A loss of 225,000 jobs would be the smallest monthly decline since last year, a sign that layoffs are easing. Employers cut 247,000 jobs in July, compared with an average of 691,000 per month in the first quarter.

Still, the job cuts are holding down wages and salaries, while credit remains tight and home prices and stock portfolios have fallen. All those trends are restraining consumer spending, which makes up 70 percent of the U.S. economy, and could weaken the recovery.

Most retailers posted sales declines last month as shoppers limited back-to-school purchases to focus on necessities. Discounters did better than upscale chains, but the results Thursday raised further concern about the upcoming holiday season.

Other economic news on Thursday was mixed. The Institute for Supply Management, a trade group, said the service sector inched closer to growth in August, but still contracted for the 11th straight month.

The ISM's services index, which covers hospitals, retailers, financial services companies and more, rose to 48.4, up from 46.4 in July. Still, readings below 50 indicate the sector is shrinking.

In a separate report, the Labor Department said the number of laid-off workers applying for benefits dipped to 570,000 last week from an upwardly revised 574,000. That was a weaker performance than the drop to 560,000 claims that economists projected.

The number of people receiving jobless benefits totaled 6.23 million, up 92,000 from the previous week, which had been the lowest level since April.

Economists closely watch initial claims, which are considered a gauge of layoffs and an indication of companies' willingness to hire new workers.

First-time claims have trended down in recent months and are below the recession's high of 674,000, reached in the first week in April. But even with the improvement, they are running at levels well above the 325,000 mark considered a sign of a healthy economy.

Federal Reserve policymakers said in minutes from an August meeting, released Wednesday, that they expect the economy to recover in the second half of this year. But labor market conditions are still "poor," the Fed minutes said, and many companies are likely to be "cautious in hiring" even as the economy picks up.

Many economists credit the Obama administration's $787 billion economic stimulus package of tax cuts and spending increases, along with the Cash for Clunkers program, with helping spur the recovery. But they worry about what will happen when the impact of the stimulus efforts fades next year.

Vice President Joe Biden issued an upbeat report card on the economy Thursday, saying that the massive stimulus program had been more effective "than we had hoped."

Still, consumers are not spending enough to boost retailers' bottom lines. Discounter Target Corp. and warehouse club operators Costco Wholesale Corp. and BJ's Wholesale Club Inc. said Thursday that sales at established stores dropped.

A 5 percent jump at TJX Cos., which operates discount chains TJMaxx and Marshall's, topped expectations. But upscale retailers, including Saks Inc. and Nordstrom Inc., reported a weak month.

On Wall Street, stock indexes rose. The Dow Jones industrial average added about 64 points, as broader indexes also edged up.

More job cuts were announced this week. Washington-based manufacturer Danaher Corp. said it will lay off about 3,300 of its roughly 50,000 employees, an increase from the 1,700 cuts it announced in the spring. American Airlines said it is cutting 921 flight attendant jobs as it deals with an ongoing downturn in traffic and lower revenue.

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We all want those really high-powered, super cool, crazy paying jobs that attract the ladies. Unfortunately most of those occupations come with tremendous amounts of pressure and stress which can keep you from enjoying all the women you should be getting because of your title. Here are a few career paths you may want to consider if you're more interested in scoring than you are in working hard, worrying, or contributing anything to society.  

Also, let us know if you have something new coolest jobs in your mind that can attract women ....

PLAYING FOR THE WASHINGTON NATIONALS

In a 2007 poll conducted by Career Builder.com, "professional athlete" came in third among the 10 sexiest jobs. Although professional athletes usually have to deal with extreme levels of pressure created by their fans and the media, there are some exceptions—like playing for the Washington Nationals. Fewer jobs in professional sports come with lower expectations than playing for D.C.'s resident toxic asset. They're a lock for last place every year and you'll rarely cross home plate on the field, but you'll be scoring left and right when you're off it. Finding someone who doesn't want to round the bases with a professional athlete is even harder to find than a "die hard" Nationals fan. 

PERSONAL TRAINING

Although "doctor" often tops many sexiest job lists, it would definitely rank near the bottom of any low-stress babe magnet career list because, despite all the golfing, you're occasionally responsible for saving lives. You also need to bust your hump for eight years in medical school just to open up shop, and you'll constantly have the specter of a malpractice suit hanging over your head. If you're looking for a career as a health practitioner, consider being a personal trainer. It's a profession which has appeared on multiple sexiest job polls with a hell of a lot less stress, but nearly equal babe-pulling qualities. As long as you don't consider standing around and counting all day particularly stressful activities, you should be able to score loads of undisciplined, middle-aged, neglected housewives and divorcées with this mind-softening gig.

COWBOY

When was the last time you saw a cowboy at a bar complaining about meeting a deadline or his pain in the ass boss? Actually, when was the last time you even saw a real cowboy, period? Who even knew America had cowboys anymore? The ladies, that's who. According to Salary.com the childhood dream job of "cowboy" made the cut as one of the top ten sexiest occupations. For lots of fresh air, a cool sounding job title, and more ass than you can shake a Stetson at, look to the wild, wild west for a beneficial career change.

TV PERSONALITY/METEOROLOGIST

It's no surprise that "TV personality/news anchor" showed up on Career Builder's sexy job list. You just can't underestimate the impact that being on television everyday has on women. Being a news anchor will undoubtedly be a turn-on for some ladies, but others might shy away from someone whose job is to deliver economic doom-and-gloom 24/7. (You'll also be required to—gasp—pay attention to the news.) 

Which is why we'd advise to go the even easier route: TV weatherman. Think about it: What other gig pays handsomely, but has zero repercussions for being completely wrong all the time? The dude who says it'll be sunny, only to misread weather patterns and miss that tornado heading for your town—that's who. The best part of this job is if you blow off checking out the readings on the Doppler radar because of the wild threesome with weather groupies the night before, it's no big deal. You could always just look out the window and take a shot at the forecast. No one's expecting you to be right anyway.  

BARTENDER

In 2007, "bartender" was voted the sexiest occupation across the board for both men and women. How could it not be? Night after night, you're standing behind the dimly lit bar in a position of power surrounded by horny people who are finding you more and more attractive as you load them up with drinks. Even better, it's usually louder than Don Cherry's wardrobe at most bars, so you won't need to put together coherent sentences to impress the females. Just smile, mutter something about them being hot, and nod your head. They'll eat it up! If you can deal with the anxiety of trying to remember the difference between a Bay Breeze and a Sex on the Beach, this job should have you sleeping late, making off-the-books cash money, and tapping a lot more than just kegs. 

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Unemployment could double to four million unless the Government takes drastic action to boost public spending and create new jobs, a Bank of England official has warned.

In a dire outlook, Monetary Policy Committee member David Blanchflower also said the recession could be deeper and longer than the Bank previously predicted.

He added that the Government needed to tackle the soaring numbers of young people out of work by raising the school leaving age sooner and pushing more people into higher education.

Doom and gloom: The Bank of England's predictions that UK output would tumble 3.5 per cent could prove 'too optimistic'.

Speaking at a Westminster conference, Mr Blanchflower called for the Treasury to launch a near-£90billion fiscal stimulus, including tax cuts and investment in new schools and hospitals. This would help create 750,000 new jobs, he said.

'This is not about people being lazy,' he added. 'There aren't jobs. In six months this is going to be the biggest issue in every MP's constituency.'

David Blanchflower says the recession could be deeper and longer than initially expected..

Mr Blanchflower has proved one of the most prescient members of the MPC, calling for interest rate cuts a year before the rest of the committee.

Last summer he forecast unemployment would hit two million by Christmas - a prediction that was fulfilled in January.

Last month the Bank of England predicted UK output would tumble 3.5 per cent this year, before recovering 1.2 per cent in 2010.

But this is likely to prove too optimistic, Mr Blanchflower said yesterday. As a result, predictions that jobless ranks will peak at three million are also likely to be too rosy.

'(With) any forecast of unemployment and output, the likelihood in a recession is we have undercooked it,' he told MPs. A surge in unemployment to four million would mean the total surpassing the heights reached in the deep recession of the 1980s, when joblessness peaked at nearly 3.3million.

Mr Blanchflower's fiscal stimulus plan includes 'large cuts' in income taxes and national insurance contributions for the lowpaid and young people.

In a paper co-written with David Bell of the University of Stirling, he said the Treasury should plough billions into construction projects by health authorities, universities and housing associations.

The raising of the education leaving age to 18 should be brought forward to this year to prevent legions of school leavers seeking jobs when there are few available.

This summer more than 600,000 people will leave schools and universities and embark on a desperate search for work. Already 40 per cent of the unemployed are under 25.

Mr Blanchflower said young people's entire lives would be affected if they were unable to find work now.

Honda workers to get pay cut

Carmaker Honda is asking its workers to accept a pay cut for at least a year to ensure the survival of its UK factories.

The Japanese firm is sending letters to 3,600 workers at its Swindon plant stressing the dire state of car manufacturing.

The letters do not state the size of the cut, but a similar arrangement at Toyota has seen both working hours and pay cut by 10 per cent at its two UK plants.

The average wage for lineworkers is around £22,000. The Unite union said negotiations were yet to be held on the issue.

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With over half a million jobs lost in India alone in recent months, the World Bank predicts the global economy and global trade would both shrink this year for the first time since World War II.

While the global economy is likely to grow at least 5 percentage points below potential in 2009, world trade is on track to record its largest decline in 80 years - with the sharpest losses in East Asia.

World Bank forecasts show that global industrial production by the middle of 2009 could be as much as 15 percent lower than levels in 2008, it said in a paper for next Saturday's meeting of the Group of 20 finance ministers and central bank governors.

Developing countries face a financing shortfall of $270-700 billion this year, as private sector creditors shun emerging markets, and only one quarter of the most vulnerable countries have the resources to prevent a rise in poverty.

The paper said that 94 out of 116 developing countries have experienced a slowdown in economic growth. Of these countries, 43 have high levels of poverty.

To date, the most affected sectors are those that were the most dynamic, typically urban-based exporters, construction, mining, and manufacturing.

For example, 'more than half a million jobs have been lost in the last three months of 2008 in India, including in gems and jewellery, autos and textiles,' the paper noted.

Many of the world's poorest countries are becoming ever more dependent on development assistance as their exports and fiscal revenues decline because of the crisis.

Noting that donors are already behind by around $39 billion on their commitments to increase aid made at the Gleneagles Summit in 2005, the bank said: 'the concern now is that aid flows will become more volatile as some countries cut their aid budgets while others reaffirm aid commitments, at least for this year.'

The World Bank said that international financial institutions cannot by themselves currently cover the shortfall-that includes public and private debt and trade deficits-for these 129 countries, even at the lower end of the range.

A solution will require governments, multilateral institutions, and the private sector. Only one quarter of vulnerable developing countries have the ability to finance measures to blunt the economic downturn, such as job-creation or safety net programs.

'We need to react in real time to a growing crisis that is hurting people in developing countries,' said World Bank Group President Robert B. Zoellick.

'This global crisis needs a global solution and preventing an economic catastrophe in developing countries is important for global efforts to overcome this crisis.

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