Unemployment for the month of August surged to 9.7% from 9.4%. Economist were expecting a rise of 1/10th of a percent to 9.5%. The economy continues to shed jobs, however, at a slower pace. The “underemployment rate”, which includes colleges student who have graduated and looking for a job, those whose unemployment have run out, small business owners whose companies have gone under is at a staggering 16.8%. Economist are predicting that we will see a continued rise in unemployment through the remainder of 2009.
But there is hope. Vice-President Biden has said that the stimulus bill is working at creating many jobs. This must be welcomed news for the 16.8% that are unemployed. Most major job categories recorded losses in August, with construction payrolls tumbling 65,000, factories cutting another 63,000 and retailers firing 10,000 people. The one sector that recorded a gain in employment was health-care.
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