Unemployment Hits a 26-Year High

Just as the Labor Day weekend arrives comes word that the U.S. economy shed another 216,000 jobs last month, pushing the unemployment rate up to a 26-year high of 9.7 percent.

The BBC:

US employers cut 216,000 jobs in August, pushing the unemployment rate up to 9.7%, a 26-year high, official figures show.

The unemployment rate rose after dipping to 9.4% in July but the Labor Department said the job loss figure was the smallest in a year.

Since the start of the recession in December 2007, the economy has shed 6.9 million jobs, the department said.

Jobs have been lost across manufacturing and service industries.

Total unemployment stands at 14.9 million.

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Nearly 7 million jobs have disappeared since the start of the recession in December 2007.