WASHINGTON (AP) -- The unemployment rate jumped almost half a point to 9.7 percent in August, the highest since 1983, reflecting a poor job market that will make it hard for the economy to begin a sustained recovery.
While the jobless rate rose more than expected, the economy shed a net total of 216,000 jobs, less than July's revised 276,000 and the fewest monthly losses in a year, according to Labor Department data released Friday. Economists expected the unemployment rate to rise to 9.5 percent from July's 9.4 percent and job reductions to total 225,000.
The rise in the jobless rate was partly due to the government finding that more so-called discouraged workers renewed their search for employment last month. That boosted the size of the overall civilian labor force, which usually happens as a recession winds down and optimism about finding work grows.
But as long as Americans remain anxious about their jobs, consumer spending isn't expected to rise enough to power a rebound from the recession.--...More
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