Jobless Rate Climbs to 9.8 Percent in September
If laid-off workers who have settled for part-time work or have given up looking for new jobs are included, the unemployment rate rose to 17 percent, the highest on records dating from 1994.
The unemployment rate rose to 9.8 percent in September as employers cut far more jobs than expected, evidence that the longest recession since the 1930s is still inflicting widespread pain.
The official jobless rate stopped short of topping 10 percent only because the Labor Department doesn't count people who have given up looking for work or settled for part-time jobs.
More than a half-million unemployed people gave up looking for work last month. If laid-off workers who have settled for part-time work or have given up looking for new jobs are included, the unemployment rate rose to 17 percent, the highest on records dating from 1994.
The Labor Department said Friday that the economy lost a net total of 263,000 jobs last month, up from a downwardly revised 201,000 in August. That's above Wall Street economists' expectations of 180,000 job losses, according to a survey by Thomson Reuters.
The unemployment rate rose from 9.7 percent in August, matching expectations.
All told, 15.1 million Americans are now out of work, the department said. And more than 7.1 million jobs have been eliminated since the recession began in December 2007.
The figures pose a serious problem for President Obama, who had claimed his $787 billion stimulus bill would keep the unemployment rate below 8 percent in an effort to get it passed earlier this year. Now Republicans, who were nearly unified in opposing the spending package, are using the latest figures as evidence that the stimulus failed.
"Since President Obama signed his stimulus bill into law, millions of Americans have found themselves out of work," House Minority Whip Eric Cantor, R-Va., said in a written statement released just minutes after the report came out.
"Continued job loss does not equal success despite claims to the contrary, and the American people deserve stronger economic leadership," he continued. "Families across the country are struggling to cut costs and cope with a tough job market, and they see a massive disconnect between that reality and the President's claim of success and continued spending."
Vice President Biden defended the stimulus package Friday, saying the economy would be in far worse shape without it. But he added that while the pace of layoffs has slowed, the Obama administration is not satisfied.
If laid-off workers who have settled for part-time work or have given up looking for new jobs are included, the unemployment rate rose to 17 percent, the highest on records dating from 1994.
The unemployment rate rose to 9.8 percent in September as employers cut far more jobs than expected, evidence that the longest recession since the 1930s is still inflicting widespread pain.
The official jobless rate stopped short of topping 10 percent only because the Labor Department doesn't count people who have given up looking for work or settled for part-time jobs.
More than a half-million unemployed people gave up looking for work last month. If laid-off workers who have settled for part-time work or have given up looking for new jobs are included, the unemployment rate rose to 17 percent, the highest on records dating from 1994.
The Labor Department said Friday that the economy lost a net total of 263,000 jobs last month, up from a downwardly revised 201,000 in August. That's above Wall Street economists' expectations of 180,000 job losses, according to a survey by Thomson Reuters.
The unemployment rate rose from 9.7 percent in August, matching expectations.
All told, 15.1 million Americans are now out of work, the department said. And more than 7.1 million jobs have been eliminated since the recession began in December 2007.
The figures pose a serious problem for President Obama, who had claimed his $787 billion stimulus bill would keep the unemployment rate below 8 percent in an effort to get it passed earlier this year. Now Republicans, who were nearly unified in opposing the spending package, are using the latest figures as evidence that the stimulus failed.
"Since President Obama signed his stimulus bill into law, millions of Americans have found themselves out of work," House Minority Whip Eric Cantor, R-Va., said in a written statement released just minutes after the report came out.
"Continued job loss does not equal success despite claims to the contrary, and the American people deserve stronger economic leadership," he continued. "Families across the country are struggling to cut costs and cope with a tough job market, and they see a massive disconnect between that reality and the President's claim of success and continued spending."
Vice President Biden defended the stimulus package Friday, saying the economy would be in far worse shape without it. But he added that while the pace of layoffs has slowed, the Obama administration is not satisfied.
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