WASHINGTON -- Employers eliminated more jobs than expected last month as the unemployment rate climbed to 9.8%, another sign that a rapid recovery in the labor market is unlikely.
The unemployment rate, calculated using a survey of households as opposed to companies, grew 0.1 percentage point to 9.8%. Just last year, in July 2008 for example, the unemployment rate was under 6%.Nonfarm payrolls declined by 263,000 in September, the Labor Department said Friday, noting that the largest job losses were in construction, manufacturing, retail trade and government. Economists surveyed by Dow Jones Newswires survey had expected a 175,000 decrease.
Since the start of the recession in December 2007, the number of unemployed persons has increased by 7.6 million and the unemployment rate has doubled to 9.8%...... The jobs outlook in Europe is worse: The IMF sees unemployment rising close to 12% in 2010 and retreating only gradually to 9.5% by 2014......
Friday, October 2, 2009
Posted by De Sube at 10/02/2009 01:45:00 PM