US bailout: Employment rates on the decline

FLIPSIDE: The unemployment rate is expected to remain at 6.1 per cent.

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Washington: US Senate has approved the modified $700 bn bailout package raising hopes for the troubled American financial institutions, reeling under the acute credit crunch.

The Senate passed the bill, which incorporated limits on executive pay of aided companies, tax cuts and a higher insurance limit for bank deposits, by a wide margin 74-25 on Wednesday evening.

However, the fallout of the financial crisis is now being felt on the employment front.

According to estimates, US Jobs Outlook report, to be release on Friday evening is expected to show a loss of another 105,000 jobs.

The estimate is bigger-than-expected decline of 84,000 jobs in August.

The unemployment rate is expected to remain at 6.1 per cent.

Yesterday the US government reported that weekly jobless claims rose to a seven-year high of 497,000, while the four-week moving average rose to 474,000.

Along with proposed tax cuts for businesses, the modified bailout plan includes raising the limit on federal insurance for bank deposits to $250,000 from the current $100,000, which sweetened the demands of Republicans and Democrats in the House of Representative.

Commenting on the passage of the proposed bill by the Senate, US President George Bush said, "It is aimed at helping at American families who need to borrow more money to buy car or fund college education.”

(with inputs from PTI).