Unemployment rate jumps to 26-year high of 9.7%

[UpInArms]

Source: CBS Marketwatch

WASHINGTON (MarketWatch) - The U.S. unemployment rate jumped to a 26-year high of 9.7% in August as nonfarm payrolls fell by 216,000, the 20th consecutive monthly decline, the Labor Department estimated Friday.

U.S. payrolls have dropped by 6.9 million to 131.2 million since the recession began in December 2007, the government data showed. Unemployment has increased by 7.4 million during the recession to 14.9 million.

The 216,000 decline in payrolls was close to market expectations of a 233,000 drop, but the unemployment rate rose higher than the 9.5% level expected. The unemployment rate was 9.4% in July.

It was the smallest decline in payrolls since August 2008.

Payroll losses have moderated in most industries in the past two months. Payrolls declined an upwardly revised 276,000 in July. In June and July, payroll losses were revised up by 49,000.

Details of the report were generally weak. Payrolls fell in most sectors of the economy except for health care. Total hours worked in the economy fell by 0.3%. Long-term unemployment worsened, and the number of people working part-time who want full-time work rose by 278,000 to 9.1 million.

An alternative measure of unemployment that includes discouraged workers and those forced to work part-time rose to 16.8% from 16.3%, the highest on record dating back to 1995.

Read more: http://www.marketwatch.com/story/unemployment-rate-jumps-to-26-year-high-of-97-2009-09-04

[robcon]

1. About expected. It'll go over 10%, IMO, before it improves.

n/t

[Craftsman]

2. No new decent paying jobs = no recovery.

[OhioChick]

6. Bingo. n/t

[BobRossi]

3. Obviously not a priority in Washington.

Month long vacations are far more important than the well being of the nation.

[WriteDown]

4. Be real...

They work very hard and need their rest. :sarcasm:

[robcon]

5. Huh? Do you mean if the president or Congress didn't take a vacation,

there would be an improvement in the unemployment numbers?

I think that's silly.

[Kahuna]

7. You're confused Bob. You have your presidents mixed up. President

Obama has not taken a month long vacation. You've been listening to freepers, per chance?

[superconnected]

11. I know what you mean, they should be figuring this out, not going on vacation.

They can start with higher tariffs for goods sold in this county that don't use this country's labor.

[onehandle]

8. I don't miss George W. Bush. I don't have to. His economy is sticking around. nt

[Mari333]

9. I have seen no concerted effort on the part of most politicians

to slap the shit out of corporations for outsourcing jobs. until that happens, this can only get worse.

[lee_]

13. And...

consequently, when corporations start pulling out of the US and start setting up shop in other countries, even MORE jobs will be go away. Whoops, too late.

[Mari333]

14. welcome to DU

:hug:
yeah its too late.

[PeaceDreamer]

10. The real rate is more like 15%

but as long as workers give up looking it stays lower.

[Psephos]

12. Actually, 16.8%. It's called U6 and is an official government statistic.

This nonpolitical WSJ economics post actually describes it pretty well.

http://blogs.wsj.com/economics/2009/09/04/broader-unemployment-rate-hits-168-in-august/