According to Reuters:
U.S. employers cut a fewer-than-expected 216,000 jobs in August, while the unemployment rate rose to a 26-year high, the government said on Friday in a report showing a still fragile labor market.
The Labor Department said the unemployment rate rose to 9.7 percent after dipping to 9.4 percent in July and the decline in payrolls was the smallest in a year. The department revised job losses for June and July to show 49,000 more jobs lost than previously reported.
The Obama Administration said that if the stimulous package was passed (and rushed into passage, need I remind you), unemployment would be held at 8%. Well, it didn't happen.
Reuters also reports:
Since the start of the recession in December 2007, the economy has shed 6.9 million jobs, the department said. Stubbornly high unemployment is wearing on consumer confidence and crimping domestic demand, pointing to an anemic recovery from the worst slump in 70 years. Consumer spending accounts for over two-thirds of U.S. economic activity.
I was laid off in November 2007, which was directly attributed to the mortgage meltdown (thanks to the Barney Frank, Christopher Dodd, Maxine Waters and others for the problems with Fannie Mae and Freddie Mac), so the December 2007 date is on the mark as far as I am concerned. Thankfully now, I have two jobs, although combined they don't pay as well as my lost job.
Will unemployment hit 10% during this month? We'll see.
To read the full article, go here.
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