Employers cut more jobs than forecast last month and the unemployment rate rose to a 26-year high, calling into question the sustainability of the economic recovery. The unemployment rate rose to 9.8 percent, the highest since 1983, from 9.7 percent in August, the Labor Department said today in Washington. Payrolls fell by 263,000, following a revised 201,000 decline the prior month that was less than previously reported. Federal Reserve Chairman Ben S. Bernanke yesterday said the expansion may not be strong enough to "substantially" bring down unemployment, indicating the central bank will be slow to drain the trillions of dollars it's pumped into the economy....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....Today's report also showed the average work week shrank to 33 hours in September, matching a record low, from 33.1 hours in the prior month. Average weekly hours worked by production workers dipped to 39.8 hours from 39.9 hours, while overtime decreased to 2.8 hours from 2.9 hours. That brought the average weekly earnings to $616.11 from $617.65.
The unemployment rate rose to 9.8 percent, the highest since 1983, from 9.7 percent in August, the Labor Department said today in Washington. Payrolls fell by 263,000, following a revised 201,000 decline the prior month that was less than previously reported.
Federal Reserve Chairman Ben S. Bernanke yesterday said the expansion may not be strong enough to "substantially" bring down unemployment, indicating the central bank will be slow to drain the trillions of dollars it's pumped into the economy....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....Today's report also showed the average work week shrank to 33 hours in September, matching a record low, from 33.1 hours in the prior month. Average weekly hours worked by production workers dipped to 39.8 hours from 39.9 hours, while overtime decreased to 2.8 hours from 2.9 hours. That brought the average weekly earnings to $616.11 from $617.65.
U-6 Total unemployed, plus all marginally attached workers, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all marginally attached workers: 17.0
