Unemployment surges to 9.6%

Job losses continued to mount in the U.S. economy last month, though at a more modest pace than expected, putting further pressure on policy makers to take action to spur growth and employment.

A separate report indicated the U.S. nonmanufacturing sector expanded at a much slower pace last month. Nonfarm payrolls fell by 54,000 last month, matching the level of revised losses recorded the previous month, the U.S. Labor Department said Friday. The revision in July layoffs to 54,000 followed an original estimate of a 131,000 drop in payrolls. Read more at Wall Street Journal. 

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Ben Bernanke: Too big to fail problem must be solved

The need to eliminate firms that are effectively "too big to fail" was the top lesson from the recent financial crisis, Federal Reserve Chairman Ben Bernanke told an investigative panel Thursday.

Regulators "now have the tools to do that" under the recently passed Dodd-Frank law, he said, and will force firms to divest or restructure if they pose an untenable risk to the broader economy. Read the rest at the Wall Street Journal.

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Obama on jobs: It's Congress' fault (VIDEO)

President Barack Obama today commented on job growth and economic recovery - particularly in the Labour sector. Among other things, Breitbart reports, he calls on a partisan minority to stop obstructing and allow legislation that will help small businesses grow and hire to have an up-or-down vote. 


He continues that the legislation he is promoting is fully paid for, and will not add any more money to the large deficit already boasted by the United States government. "This is not one of those times. This bill is based on ideas of both Democrats and Republicans", he says. 

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