The US unemployment rate has risen to a four-year high of 4.9 per cent, sending financial markets plunging and forcing president George W. Bush to call an emergency meeting of Republican leaders. The unemployment rate has risen from 4.5 per cent in July to 4.9 per cent even as 1,13,000 workers were laid off in August, the labour department reported.

The report was dismal enough to force bush to come forth to reassure the nation that he has plans to improve the economy.

“We've got a plan to get our economy moving so that Americans can find work,” Bush said, conceding the slowdown was creating concern.
Reports says Bush plans to call for across-the-board cuts next year if the economy worsens and the government would have to dip into social security. Bureau Report