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WASHINGTON — The unemployment rate rose to 9.8 percent in September, the highest since June 1983, as employers cut far more jobs than expected. The report is evidence that the worst recession since the 1930s is still inflicting widespread pain.
Persistently high unemployment could weaken the recovery as consumers, concerned about their jobs and incomes, restrain spending. Consumer spending accounts for about 70 percent of the nation's economy.
The Labor Department said Friday that the economy lost a net total of 263,000 jobs last month, from a downwardly revised 201,000 in August. That's worse than Wall Street economists' expectations of 180,000 job losses, according to a survey by Thomson Reuters.
The unemployment rate rose from 9.7 percent in August, matching expectations.
If laid-off workers who have settled for part-time work or have given up looking for new jobs are included, the unemployment rate rose to 17 percent, the highest on records dating from 1994.
More than a half-million unemployed people gave up looking for work last month. Had they continued searching, the official jobless rate would have been higher.
All told, 15.1 million Americans are now out of work, the department said. And more than 7.2 million jobs have been eliminated since the recession began in December 2007.
Many analysts expect the economy grew at a healthy clip in the July-September quarter, technically ending the recession, but few think the recovery will be strong enough to lower the jobless rate. Most economists expect the rate to top 10 percent and keep climbing.
Originally posted by xynephadyn
I can say that this is TRUE.
I know 6 friends, from the following fortune 500 companies who were laid off in September
My husband who works for Lexmark, has been terrified as they are laying off people every week now and both of his bestfriends lost his job. Luckily he hasnt lost his job yet- but we are freaking out that it is just around the corner. There is no end in sight for this to turn around unless the sales pick up... and if companies keep laying people off- that will not happen for a long time to come.
[edit on 2-10-2009 by xynephadyn]
Originally posted by whoshotJR
reply to post by Tentickles
Sounds like somebody is spending too much time playing aion and not on ATS enough!
Nice article, things are definitely not looking great for us but I like how they are finally starting to paint the true picture and talk about the 17%+ number of people really without jobs.
U-3 Total unemployed, as a percent of the civilian labor force (official unemployment rate)
U-6 Total unemployed, plus all marginally attached workers, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all marginally attached workers
Series title: (Unadj) Not in Labor Force, Want a Job Now