Friday, September 4, 2009

Unemployment rises to 9.7%

Not good for the Obama Administration, but the other good news is that job loss was only 216,000. What is alarming is that underemployment is 16.8% and that should really worry the Obama Administration.

As long as there are no jobs or new job growth, this will continue to be a thorn in the Obama Administration's side.

The unemployment rate jumped to 9.7 percent in August, the highest since June 1983, as employers reduced a net total of 216,000 jobs.

The level of job cuts is less than July's upwardly revised total of 276,000 and is the lowest in a year. Analysts expected the unemployment rate to rise to 9.5 percent from July's 9.4 percent, and job reductions to total 225,000.

If laid-off workers who have settled for part-time work or have given up looking for new jobs are included, the so-called underemployment rate reached 16.8 percent, the highest on records dating from 1994.

Huffington Post

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