August unemployment rate rises more than expectedThe unemployment rate jumped from 9.4 percent in July to 9.7 percent in August with employers cutting 216,000 jobs, according to the Chicago Tribune. The decline was smaller than the July decline of 276,000 jobs.
The unemployment rate was higher than the 9.5 percent analysts were expecting and is the highest rate since 10.1 percent in June 1983. The unexpected increase in the unemployment rate indicates the labor market remains grim.
More than 14.9 million people are unemployed in the U.S. Since the recession began in December 2007, about 6.9 million jobs have been lost.
In August, construction companies cut 65,000 jobs; construction industry employment has contracted by 1.4 million since the recession began. Additionally, manufacturing cut 63,000 jobs and the financial sector cut 28,000 jobs. There was little change in the retail, professional and business services, and leisure and hospitality sectors. The health care industry added jobs in August.
Date : 9/10/2009