Friday, October 2, 2009

Unemployment Rises to 9.8 Percent

After rising to %9.5 (Berman Post: US Unemployment Rises to 9.5 Percent) and 'fake falling' to %9.4 (Berman Post: US Unemployment Drops to 9.4 Percent), rising to %9.7 (Berman Post: US Unemployment Rises to 9.7 Percent), it has risen again to 9.8%.

"Payrolls dropped by 263,000 in September, exceeding the median forecast in Bloomberg’s survey, with losses extending from cash-strapped state and local governments to retailers to builders, today’s report showed. The jobless rate rose to 9.8 percent from 9.7 percent in August, while working hours matched a record low.
September’s losses bring total jobs lost since the recession began in December 2007 to 7.2 million, the biggest decline since the Great Depression.

Payrolls were expected to drop 175,000, the median of 84 estimates in a Bloomberg News survey of economists. Forecasts ranged from decreases of 260,000 to 100,000. Job losses peaked at 741,000 in January, the most since 1949. The September unemployment rate matched the median projection.

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