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.
Economists are scrambling to make sense of the drastic rise in unemployment and what it means for our long term economy. Former Federal Reserve Chairman, Paul Volker is saying that the 
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