The lead story of my Kindle edition of the WSJ: Jobs Data Cloud Recovery
Employers cut another 263,000 jobs in September and the unemployment rate rose to a 26-year high of 9.8%, raising worries that the persistently weak labor market could undermine a nascent economic recovery from the worst U.S. recession since the Great Depression.
The story goes on to say that while there are some indications that the economy is improving people are still losing jobs. It is also expected that:
"The pace of the recovery is likely to slow," said Nigel Gault, chief U.S. economist for research firm IHS Global Insight. "Ultimately, if we don't get job growth, we're not going to get sustained growth in consumer spending. How could we get a really strong recovery without consumers?"
Another bit of sobering news:
The number of unemployed -- officially at 15.1 million -- is greater than the population of all but four states. The proportion of people who have been searching for work for longer than half a year rose to 35.6% of the unemployed, from a third of the work force in August. The dismal state of the job market led to a decline of 571,000 in the labor force, a sign that discouraged workers have given up looking for work entirely.
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