US unemployment hits 9.8%

From the time the recession started in December of 2007, unemployment has already doubled and 15.1 million of Americans have lost their jobs, that’s according to the latest unemployment report by the Bureau of Labor Statistics, which showed a worse than expected job losses of 263,000 for September bringing the rate to a 26-year high of 9.8%.  Economists were expecting 175,000 cut in employment for the month.

Total nonfarm payroll employment declined by 263,000 in September. From May through September, job losses averaged 307,000 per month, compared with losses averaging 645,000 per month from November 2008 to April. Since the start of the recession in December 2007, payroll employment has fallen by 7.2 million.

The breakdown of job losses:

Construction, down 64,000
Manufacturing, down 51,000
Retail trade, down 39,000
Government, down 53,000
Health care, up 19,000
Financial, services, leisure and hospitality and information, little or no change

Meanwhile, average workweek declined by 0.1 hour to 33 hours while average hourly earnings of production and nonsupervisory workers on private nonfarm payrolls were up by a cent to $18.67.

Source: BLS


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