The U.S. unemployment rate unexpectedly shot up to 6.1 percent in August, its highest in more than 4-1/2 years, as employers cut payrolls for an eighth straight month and labor markets showed signs of accelerating decline.
The Labor Department said 84,000 jobs were lost in August, significantly higher than the 75,000 that economists surveyed by Reuters had forecast. In addition, July’s job losses were revised up to 60,000 and June’s to 100,000 from a previously reported 51,000 in each month.
There were steep cuts in hiring in nearly every major category of employment. Some 61,000 manufacturing jobs were lost in August, the most for any month since mid 2003, and 8,000 more construction jobs were cut. There were 53,000 jobs eliminated in professional and business services and 4,000 in leisure and hospitality industries.
…but hey, let’s vote for McCain so we can admire Cindy’s $300,000 outfits when they’re in the White House… maybe that’ll be a good distraction from such unpleasantness as rising unemployment…
Not encouraging news. The news their not telling us is what scares me the most!
Love the quote on your side panel.
Sigh, I don’t see this getting better any time soon.
We’ve got more money going out than coming in.
We have savings, but that was supposed to be our retirement.
heh
Retirement.
Karen – but she sure looked pretty didn’t she
Janey – thanks! thought the quote was very appropriate.
Loach – nor do I and most Americans.
Cilicious – not a good place to be but unfortunately many there with you. No matter who wins this election I think it will take years to turn this country around.