澳洲新闻 (ABC新闻快递) 2009-10-03

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The latest economic data shows unemployment in the US is worse than expected. The jobless rate surged to 9.8 percent last month. A total of 263,000 jobs were lost, much more than the 175,000 analysts¹ had expected. Economists² say the figures could hurt the chances of a sustainable recovery from recession. The market didn't react well to the news. But it was offset³ slightly by gains in tech stocks. The figures also spooked Europe's markets. London's FTSE lost more than one percent.

Paper maker⁴ Norske Skog has announced it's cutting 50 jobs from its southern Tasmanian factory. The move comes three months after the plant had to partially⁵ stop production due to an over-supply of paper. The company says major newspapers are buying less news print because of the global downturn.

And Qantas which claims to serve only Australian produce is under fire for serving Danish butter. Australian dairy farmers have attacked the airline for the move as they struggle to cope with lower milk prices and a slump⁶ in demand. Farmers in Tasmania claim their industry is close to collapse⁷ after excessive rain and recent power cuts.

On the local market, stocks closed at a two-week low. At the start of the long weekend, the dollar was down on profit taking buying 86.5 US cents.

That's ABC Business News.