Unemployment Jumps

     Unemployment rose substantially in August, continuing a 12-month trend that has put 2.2 million Americans out of work and raised overall unemployment from 4.7% to 6.1%. The August numbers, based on household surveys, show that the number of unemployed increased by 592,000 in that month alone and popped the unemployment rate by .4% in a four-week period.

     A separate survey included in the August report from the Bureau of Labor Statistics relies on employer payrolls and shows that employers cut 84,000 non-farm jobs in August, pushing the total number of job cuts so far this year to 605,000. The only sectors to gain employment in August were mining (mostly drilling), the healthcare industry (hospital and social work) and government.

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