Unemployment Hits 26-year-high
The last time job numbers were this pathetic, I was in diapers.
Employers cut jobs in August at their slowest pace in a year, but a jump in the unemployment rate to a 26-year-high of 9.7% reinforced worries that a weak labor market could weigh on consumer spending and the vigor of the economic recovery.
Nonfarm payrolls fell 216,000 for the month, fewer than the 276,000 lost in July, the Labor Department said Friday. The economy has shed 6.9 million jobs since the recession began in December 2007. The data reinforced expectations that employers will begin adding jobs by early next year, though the pace of job creation remains uncertain.
The latest figures are consistent with an economy pulling out of its deepest downturn since the Great Depression. But rising unemployment portends persistent weakness in consumer confidence, income and spending even as manufacturers start bouncing back and the stock market revives. The construction and manufacturing sectors together accounted for more than half of August's job losses. Losses in retail and business services narrowed substantially. The biggest gains came in health care.
Jobless recovery my ass.