Unemployment is at its highest level since 1983, hitting 9.8% last month. The Department of Labor announced that 263,000 jobs were lost. This follows a revised loss of 201,000 jobs in August (lower than first reported). Nobody expected the August unemployment reprieve to last, and the increase suggests that the forecasted 10.3% unemployment rate for early next year will be realized.
Originally, the forecasted unemployment drop for September was 175,000, according to Bloomberg News, with individual economists surveyed reporting in a range of 100,000 to 260,000.
There are indications that targeted hiring is taking place, but only in strong companies in sectors of the economy that have been able to resist the downward pull. Nonetheless, the September result was disappointing, as it exceeded economists' expectations and pushed the unemployment rate even closer to 10%.
There may have been some relief in sight at the end of the summer, but it now looks as though the glimmer of hope has faded for a while. Optimists lose, and pessimists have the dubious distinction of being right.
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Reader Comments (Page 1 of 1)
10-02-2009 @ 11:25AM
hsr0601 said...
I think the "early adoption" of 21st energy and health care reform is capable of putting the job market on a solid ground. As a major driver, IT industry stalled and stranded in a game industry for the lack of 21st energy policy over the stretch of two wars needs to evolve into the all but indefinite energy, medical, and academic industry where the investors are eagerly waiting for policy-makers to act now, which I guess is why the far-reaching and long overdue health care and 21st energy bill have come into focus.
10-02-2009 @ 2:09PM
ij70 said...
They could raise import tariffs just a little. Like they did with Chinese tires. No need to make new laws, no need to create new bureaucracy, no need to create new industry. Will see what happens.