Unemployment at a Five-Year High

Job losses were greater than expected as the Labor Department announced that the unemployment rate is now at 6.1%, the highest in five years. Bloomberg reports, "The increase in the jobless rate sent the misery index, which adds unemployment to inflation, to 11.7 percent, the highest level since 1991." In total, "2.2 million Americans have lost their jobs over the past year. Experts are divided about whether this is a recession, but it's definitely an election issue. John McCain said, “Americans are hurting and we must act to create jobs," while Barack Obama said, "Today’s jobs report is a reminder of what’s at stake in this election." [Thumbnail image from this detailed NY Times graphic about the "Labor Picture in August."]

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By Jen Chung in News on September 5, 2008 5:10 PM

Comments [rss]

Spirit of 76

Although I am a full time blogger now that the job market sucks

Don't you mean "full-time commenter on the Gothamist blog"? I find it hard to believe that someone of your impeccable reputation and encyclopedic knowledge wouldn't have companies competing to throw money at you. Bwahahaha! Sorry, couldn't keep a straight face while writing that.

Shinobi Shaw

I myself have been unemployed for 6 months and I have worked day and night and nothing (I am in the Public Relations/Marketing/Media business) so I have given up as well.

Thank the Universe, that I had other streams of income (but it won't hold me forever!).

I have sort of given up for now, but I am getting back in the sattle for this month.

And I have heard that the Education sector is growing (Like Law Enforcement), I've been thinking of dropping this whole Media business and become a teacher.

Bottomless Chips

"Gains came in the education and health care industries, which added a total of 55,000 jobs."

So federal tax money created more jobs at the expense of others. Awesome!

Mr Mel

Is this a surprise?

Snoopy

Although I am a full time blogger now that the job market sucks, I find the employment steady but unfortunately the pay sucks.

NannyState

And these numbers mask the phenomenon of so many jobs filled with illegal immigrant labor. Those jobs, especially in the housing construction industry, have evaporated. I wonder: if those lost jobs were included in these figures, would the true unemployment rate be closer to 10%?

Steven

"... the education industry created more jobs..."

Link?

http://www.nytimes.com/2008/09/06/business/economy/06econ.html?bl&ex=1220760000&en=911c9604f792c501&ei=5087%0A

"Gains came in the education and health care industries, which added a total of 55,000 jobs."

JacqueMehoff

and spirit, it's good to know you're looking after my well being. thank you, sir.

JacqueMehoff

because sir Sof76, I'm a law abiding U.S. American citizen. and don't you worry, you'll be the first to know when the Pb get's HOT.

before you say what about taxes, I take in below the filing threshold, sir.

Kojak

Nursing, IT, Accounting are still hot. Time to go back to school

Spirit of 76

Is anyone surprised? I challenge anybody to come up with one -- just one -- positive thing that will be part of Dubya's enduring legacy.

[3] What do you need a job for? Don't you always say Pb is cheap?

moneda

"... the education industry created more jobs..."

Link?

Steven

I'd like to know the breakdown of the different industries in the job market. For instance, the education industry created more jobs and that field doesn't look bad now.

If you're in construction, factory work, media then it looks bleak.