Unemployment Jumps to 9.7% — 216,000 Jobs Lost in August
EmailFrom the Business Unit of ABC News:
Once again, as last month, we have a jobs report that shows the economy moving in the right direction but in an agonizing way. Unemployment is now at its highest level since the aftermath of the 1981-82 recession, the nastiest in memory.
The most positive take on the increase in the unemployment rate is that more people out of work see the economy improving and were at least encouraged enough to look for work. But that is cold comfort. The bottom line is the economy is a long way from the kind of growth that would bring the rate down, and as Dan points out, those with jobs will see this number rising, feel insecure and that means a continued lid on consumer spending, the main engine of the economy.
For the 20th straight month, the nation’s employers reduced their payrolls according to new government data out this morning.
Figures from the Bureau of Labor Statistics show a net jobs loss of 216,000 during August. This is significantly better than the 230,000 jobs lost economists were expecting.
It is the slowest month of jobs loss since August 2008. There were downward revisions to the two previous months as well, pushing an additional 49K jobs from the nation’s payrolls.
The nation has lost more than 6.9 million jobs since the recession started producing layoffs in January 2007; an average of around 346K per month.
The nation’s unemployment rate – the result of a separate but simultaneously released survey of households – went up to 9.7% — a statistically significant change. Economists were expecting a jump to 9.5%. This higher rate underlines the psychological harm the recession has on average families – even if you have a job, you feel like it isn’t assured.
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Our government seems to be bent on keeping our current citizens and legal immigrants unemployed by issuing 1.5 million Visas to foreign workers in the last year and only weakly enforcing immigration law in the workplace.
Posted by: merchantilist | September 4, 2009, 10:43 am 10:43 am
I think it’s time to throw the bums out.
Posted by: Sharon | September 4, 2009, 1:14 pm 1:14 pm
ABC’s spinning of 9.7% unemployment and 216,000 more lost jobs into a positive shows its incredible bias.
It was only a few short years ago when you guys were belittling 5% unemployment and monthly job GAINS of 200,000 as an economic failure during a Republican administration.
I was no fan of Bush, but your blatant bias for socialist Democrats in general and Obama in particular makes it difficult to take any of your “journalism” seriously.
Posted by: R.M. Edaps | September 4, 2009, 1:51 pm 1:51 pm
Serious Journalism?!?!?
What are you talking about Edaps?
This is an entertainment site.
Posted by: Noz | September 4, 2009, 3:20 pm 3:20 pm
Trickery is being played out by OBAMA!
The higher the unemployment rate rises and people lose their health care, gives Obama a better chamce to get his health care passed. The morjarity of Americans don’t get it. Obama recruted people that hate capitalism and these are his advisors and czars. The more people don’t have jobs, the more they are willing to accept socialist communist programs. That’s the change Obama promised to bring about and he is making it hapen right before your own eyes.
Posted by: John Demeter | September 4, 2009, 5:33 pm 5:33 pm
September 4, 2009
Great news,the Bureau of Labor Statistics claims, and ABC Evening news seems to promote this news, that the number of job losses is going down.
Terrific, in the short future nobody will be employed so we can rejoice that nobody is getting laid off.
Doesn’t anybody realize that as the number of those employed decreases, the number getting laid off decreases?
Come on guys, don’t sugar coat the bad news!
Posted by: Bob Basilicato | September 4, 2009, 7:05 pm 7:05 pm
To blame Obama for this is ludicrous…we are witnessing the delayed results of 8 yrs of Republican policies, and the current administration has done a great deal to turn things around, but results take time. Obama has directed funds towards the long-term rebuilding of our economy from the consumer/worker up. He has extended and increased unemployment benefits, increased Pell Grant amounts and otherwise increased funding and access to college and re-training, and invested in key industries which impact the economy significantly. He is working to pass health care reform to expand access and limit the out of control costs that are draining so many American families. Those attempting to block Obama’s reforms had 8 yrs and did nothing to prevent or repair things, but they blame him for not fixing everything overnight. Silly.
Posted by: raven | September 4, 2009, 7:24 pm 7:24 pm
I have an idea that could create possibly 1 million new jobs.
Posted by: ROBERT SEAY | September 6, 2009, 8:11 pm 8:11 pm
the pell grant has been increased by $500. sweet!
Posted by: Cindy | September 11, 2009, 3:46 pm 3:46 pm