Unemployment rate rises to 9.8 percent in SeptemberThe unemployment rate increased from 9.7 percent in August to 9.8 percent in September—the highest since June 1983—with employers cutting 263,000 jobs, according to USA Today. Analysts were expecting a decline of 180,000 jobs.
Despite the unemployment rate increase, job losses continue to be less severe than earlier this year and late last year; an average 307,000 jobs were lost monthly from May through September compared with 645,000 from November 2008 through April. Larger-than-expected cuts by city and county governments reportedly are the main reason the job losses exceeded analysts' estimates.
About 15.1 million people are unemployed in the U.S. Since the recession began in December 2007, about 7.2 million jobs have been lost.
In September, construction companies cut 64,000 jobs. Additionally, manufacturing cut 51,000 jobs and retail cut 38,500 jobs. There was little change in the financial, professional and business services, and leisure and hospitality sectors. The health care industry continued to add jobs in September.
Date : 10/6/2009