U.S. Unemployment Rate Now 9.4 Percent
In May across the nation, 345,000 jobs were lost, worsening the U.S. unemployment rate to 9.4 percent, according to data released today by the Department of Labor.
There are now 14.5 million jobless U.S. workers, a number that doesn’t reflect the severity of the problem. If those who are underemployed or who want a job but have given up looking are counted, the broader U.S. unemployment rate stands at 16.4 percent—more than
25 million Americans who need jobs or full-time work but cannot find it.
The number of long-term unemployed (those jobless for 27 weeks or more) increased by 268,000 over the month to 3.9 million and has tripled since the start of the recession in December 2007.
Bad, Bad, Bad Jobs Report: Unemployment at 8.1 Percent
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Stunningly bad news on the nation’s jobless rate today: Unemployment worsened to 8.1 percent in February, from 7.6 percent in January, the highest level in more than a quarter century, according to Labor Department data released today.
We’re now looking at historical comparisons of joblessness not to the bad recession of the Reagan years but to the Depression era. This from Bloomberg:
Employers eliminated 651,000 jobs, the third straight month that losses surpassed 600,000—the first time that’s happened since the data began in 1939.
