A fresh report in USA has reported unemployment rate climbed to 9.7% in August from 9.4% in July. The report revealed a narrowing decline in payrolls in August, pulling down oil prices. New York's main contract, light sweet crude for October delivery settled at US$68, while London's Brent North Sea crude for October delivery settled at US$66.8.
The hopeful optimism of the past few weeks has been replaced by disappointment over absence of a solid sustainable recovery. Concerns abound that a rising jobless rate could dampen consumer confidence critical to any US recovery from prolonged recession.