U.S. Jobless Rate at a Twenty Six Year Peak
The U.S. unemployment rate unexpectedly jumped to 9.7 in August. but job cuts were the smallest in a year, the Labor Department revealed on Friday. See Video below
BLOOMBERG.COM Reported: The pace of U.S. job losses slowed in August while the unemployment rate reached a 26-year high, signaling the recovery from recession will be slow to develop.
Employers cut payrolls by 216,000, fewer than forecast, after a 276,000 drop in July, Labor Department data showed today in Washington. The jobless rate rose to 9.7 percent; the so- called underemployment rate — which includes part-time workers who’d prefer a full-time position and people who want work but have given up looking — reached a record 16.8 percent.
Today’s figures stoke concern that the recovery forecast to take hold in the second half of the year won’t prompt a turnaround in the job market until 2010. With the ranks of long- term unemployed nearing 5 million, workers are at risk of losing skills, making it even tougher for them to eventually find work. Read full story here
The Early Word: Unemployment Rate Goes Up – New York Times
Posted by: Mark T. Richardson
Tags: unemployment, unemployment rate, unemployment rate jumps
