Big unemployment jump
It's a pretty dismal report. The U.S. jobless rate last month increased to 6.1 percent, its highest level in five years. Also, employers cut 84,000 jobs, more than economists had expected, and more jobs were lost in June and July than previously thought. None of this is a huge surprise (economists had pretty much written off 2008), but the big jump in the unemployment rate is likely to get lots of attention. By point of reference, the L.A. County jobless rate for July was 7.5 percent, the highest in more than a decade. The numbers for August will be out in a couple of weeks. (NYT, WSJ)
6:43 AM Friday, September 5 2008 • Link
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