Unemployment rate increase to four-year high, As of June 2007 Unemploym...
Unemployment rate increase to four-year high, As of June 2007 Unemployment rate went from 7,295,000 to 8,933,000 in June of 2008
US employers shed more jobs last month than in any month in more than five years, led by a sharp drop in service sector jobs and continuing losses in the construction, manufacturing and retail sectors, the Labor Department said today.
The economy lost 159,000 jobs in September, far more than the 100,000 lost jobs economists polled by Thomson Reuters IFR Markets were expecting. September's decline is the largest seen since March 2003, when the economy lost 212,000 jobs.
The economy has now lost 760,000 jobs since January. Economists have said the economy needs to create about 100,000 jobs each month to keep up with new workers, but with September's numbers, the economy has now averaged a monthly loss of about 43,000 jobs over the last 12 months.
The unemployment rate, taken from a separate survey of households, remained unchanged in September at 6.1%, as expected. That's the highest unemployment level seen since September 2003.