Unemployment rate in US 9.7 per cent

Posted on 06. Sep, 2009 by Turbo in General

US unemployment rate is at 9.7% (as in August 2009), the highest in the last 26 years. Courtesy recession that the employers are ruthlessly downsizing and slashing down payroll employees, according to the Bureau of Labor Statistics and 216,000 of people lost jobs in August. Ironically, this is lesser than what July 2009 had seen when 276,000 people lost their jobs rising the unemployment rate to 9.7% the highest in 26 years.

From 9.4% the unemployment rate rose to the present figures. According to the Bureau the number of unemployed increased by over 7.4 million ever since economic slow down began in December 2007; from then the rate of unemployment rose by 4.8 per cent points.

The industry sector that suffered worst was construction which had slashed about 65,000 jobs in August and about 1.4 million jobs ever since the US recession started.

Even the manufacturing sector suffered badly with loss of 63,000 jobs in the month of August followed by financial sector where 28,000 people lost jobs.

Tags: 9.7 per cent, construction, highest in 26 years, manufacturing sector, US unemployment