Economy Loses 85K Jobs as Employers Stay Wary

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The U.S. Labor Department reported, Friday, the economy lost more jobs than expected in December even the nation's unemployment rate held steady at 10 percent.

A lack of confidence in the nation's economy prompted employers to cut 85,000 jobs last month, according to a Labor Department report.

The report caps a disastrous year for U.S. workers.

Employers cut 4.2 million jobs in 2009. The unemployment rate averaged 9.3 percent - that's compared to an average of 5.8 percent in 2008.

"One word sums it up: Disappointment," said Jonathan Basile, an economist at Credit Suisse. "That tells me that Main Street doesn't believe there's a recovery yet, because they're not out looking for jobs yet."

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