Unemployment rate hits record highs in September
Friday, October 02, 2009 10:48 PM
Unemployment continued to rise in September, as the Bureau of Labor and Statistics released data on Friday showing that the federal unemployment rate hit levels not seen in more than 26 years. According to the BLS, nonfarm payroll unemployment declined by 263,000 in September. The declineexceeded estimates by economic experts who had forecast more conservative job loss figures that ranged from 175,000 to slightly more than 200,000.
Because of the larger than expected rate of job loss, the unemployment rate increased by 0.1 percentage points to hit 9.8 percent, driven primarily by losses in the construction, manufacturing, retail trade, and government sectors.
The BLS data supports what has become a chorus of warnings from Federal Reserve officials who have warned that a continued rise in unemployment will occur despite other economic improvements. While speaking to the Georgia State College School of Business in Macon, Atlanta's Fed President Dennis Lockhart echoed the opinions of Fed Chairman Ben Bernanke in saying that unemployment rates were likely continue to rising into 2010.
"To bring people back to work, it's going to take a while," said Lockhart, according to the Wall Street Journal. "Unemployment's going to be frustratingly high for some period of time."
The rise in monthly unemployment figures came just days after the Department of Labor released weekly figures that showed the week of September 26 had 551,000 unemployed workers seeking debt solutions by filing initial unemployment insurance claims, an increase of 17,000 from the week prior.
Recent News Articles
- Mortgage applications survey finds that fewer consumers willing to incur housing-related debt
- Government moves to broaden options for legitimate debt resolution options, stop scammers
- Revolving consumer credit falls, but overall numbers are up
- Report: Consumer attempts to reduce debt could be hampering economic recovery
- Report: Treasury Secretary warns world leaders that U.S. consumers look to reduce debt
Debt News Categories
About Debtmerica
Debtmerica is a leading debt settlement company that offers assistance to individuals and families who are experiencing financial difficulties and hardship.
We specialize in negotiated debt settlement to assist clients by reducing debt balances while providing an affordable monthly payment.
Our professional and knowledgeable staff has helped thousands of consumers get back on their feet financially.
Achievements
|
Debtmerica has had one vision since inception - to help Americans nationwide attain financial independence. At Debtmerica, we're proud of our achievements and honors. They represent our commitment to our vision and clients. |
|
|
|
|
A Secure & Trusted Site
|
Debtmerica is committed to providing a safe and secure site that you can trust. |
 |
|
 |