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Unemployment Rate Jumps to Five-Year High
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| Contributor | ArmyDem |
| Last Edited | ArmyDem Sep 05, 2008 08:49am |
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| Category | News |
| Media | Newspaper - Washington Post |
| News Date | Friday, September 5, 2008 02:00:00 PM UTC0:0 |
| Description | By Neil Irwin and Heather Landy
Washington Post Staff Writers
Friday, September 5, 2008; 9:32 AM
The unemployment rate soared in August and employers slashed jobs, as a weakening in the labor market accelerated. The numbers suggest there is little good news ahead for American workers, who face deepening stress from several sides.
The jobless rate was 6.1 percent last month, up from 5.7 percent in July, the Labor Department said today. It is the highest unemployment rate in five years, and compares to joblessness of 4.1 percent one year ago.
Meanwhile, employers cut 84,000 jobs, the eighth straight month of losses and yet more evidence that businesses are cutting back. The report also revised July's jobs report to show steeper losses than previously estimated.
U.S. jobs and institutions have now eliminated 605,000 jobs this year. The number of unemployed stood at 9.4 million nationwide, and has grown 2.2 million over the past year.
Labor market conditions have been weakening throughout 2008, but had been doing so in a gradual manner. Many economists have hoped for a stabilization, or even improvement, in the economy in the second half of the year, but between the new reading on the job market and data yesterday indicating poor back-to-school sales, it doesn't appear to be happening. |
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