Unemployment Rate Creeps Closer To 10%
According to the U.S. Bureau of Labor Statistics, nonfarm payroll employment continued to decline in September to the tune of 263,000 jobs lost, and
the unemployment rate rose to 9.8 percent, the highest it’s been in 26 years. The largest job losses were in construction, manufacturing, retail trade, and government.
Vice President Joe Biden commented on the new numbers Friday morning, noting that although the data is disappointing, the administration is still optimistic the U.S. economy will recover.
“One job lost is one job too many,” Biden said. “We are recovering. We will recover.”
The current unemployment rate reflects a .2% increase from August.
October 2, 2009
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