Apple chief Jobs ‘back at work’

Analysts say Mr Jobs will likely start back at work on a part-time basis

Apple chief executive Steve Jobs has reportedly returned to work following six months of medical leave.

Mr Jobs, 54, who is reported to have had a liver transplant, was expected back at his desk at the end of June.

Apple has refused to comment on the matter but did quote Mr Jobs in a press release on first weekend sales figures for the next generation of iPhones.

The blogosphere has noted several sightings of Apple’s co-founder around its campus in Silicon Valley.

“Jobs is in the house!” declared CNBC’s Jim Goldman, who is regarded as having close ties to Apple.

“Confirmed! Steve Jobs did report for work today, according to employees who have seen him on campus,” wrote Mr Goldman in his TechCheck column.

Reuters news agency quoted sources saying Mr Jobs “was seen leaving the main Apple building in Cupertino and getting into a black car alone that was driven off by men in black suits with ear-pieces.”

Revelations

In 2004, Mr Jobs was treated for pancreatic cancer.

Last year there were fears that the cancer had returned when he appeared at a major Apple event looking thin and gaunt.

Months of rumour ensued and the company’s share price rose and fell as a result.

In January, Mr Jobs revealed that he was being treated for a “hormone imbalance”.

Over a week later he sent an e-mail to employees and told them that his medical problems were more complex than first thought and he would take six months off work to concentrate on his health.

The Wall Street Journal reported over the weekend that Mr Jobs underwent a liver transplant over two months ago, but Apple remained tight-lipped on the subject.

Analysts have predicted that Mr Jobs will stay on as chief executive officer on a part-time basis with a view to moving on to become chairman of the company.

US rules out new economic package

Jobs are being lost in the service, business and manufacturing sectors

The United States government says it does not see an immediate need for new measures to stimulate the US economy despite a sharp rise in unemployment.

The latest figures show a rate of 6.1% – the highest since December 2003.

A White House spokeswoman said that while the figures were disappointing, the existing economic stimulus plan was having the impact intended.

A call for more action had been made by the Democratic Party presidential candidate, Barack Obama.

A higher-than-expected 84,000 jobs were lost last month, which together with the unemployment rate has added to concern about the US economy and its ability to stave off a recession.

In a further blow, the Labor Department revised upwards job loss figures for each of the past two months.

The Federal Reserve said earlier that economic activity remained “weak”.

A separate report by the Mortgage Bankers Association said that almost one in 10 US homeowners were behind with their mortgage payments or was in foreclosure procedures.

The 9.2% default rate between April and June was up from 8.8% in the previous quarter, and nearly double the rate one year ago.

‘Convincing evidence’

The number of jobs lost last month was significantly higher than the 75,000 forecast by economists.

All sectors of the economy were affected with manufacturing worst hit, shedding 61,000 jobs.

This is more convincing evidence that the economy is still in trouble Gary Thayer, Wachovia Securities

The labor market has worsened noticeably in recent months, reflected by the fact that it is now apparent that more jobs were lost in June and July than was previously thought.

Revised figures show that in June, 100,000 jobs were lost while in July 60,000 jobs disappeared. This was up from the 51,000 figure initially forecast for both months.

“It seems unemployment in the US really is accelerating,” said the BBC’s North America business correspondent, Greg Wood.

“There do not seem to be many sectors of the US economy which are hiring.”

‘Clearly deteriorating’

In the first eight months of 2008, 605,000 jobs have been lost.

Employers have now reduced their payrolls for eight straight months, with the dramatic downturn in the housing market and the credit crunch hurting all sectors of the economy.

“This is more convincing evidence that the economy is still in trouble,” said Gary Thayer, senior economist at Wachovia Securities.

“The economy is clearly deteriorating.”

Political focus

Both candidates in November’s Presidential election are under pressure to come up with concrete proposals to help the growing number of people out of work and families battling against rising living costs.

Although the US economy grew a robust 3.3% in the second quarter, businesses are struggling to cope with the high cost of raw materials and energy, fragile consumer confidence and weaker export markets.

The Federal Reserve, which meets to decide on interest rates next week, has warned that the US is facing the twin threats of weak growth and rising inflation.

The bleak employment picture means the Fed is unlikely to raise rates in the foreseeable future while further cuts seem equally unlikely against a background of rising inflation.

“The jobs number is weak again but we think this probably is not the time to panic,” said Steve Goldman, strategist at Weeden & Co.

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