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The US economy lost 54,000 jobs in August which is 3rd month in a row that jobs have been lost. That's why the unemployment rate jumped to 9.6% from 9.5% in July. However, the good news is that private sector had created a better-than-expected 67,000 jobs. President barrack Obama welcomed the latest report of unemployment. He will announce a few measures next week that is expected to create private jobs. Most of the job losses occurred in the public sector because the government cut 114,000 temporary census workers, according to the Labour Department. Private businesses added 67,000 jobs to their payrolls.