The U.S. employment situation was largely unchanged in September, even as payrolls added a collective 103,000 positions, according to data released Friday by the Department of Labor. Unemployment remained at 9.1 percent, as most of the jobless rates for key demographics, including blacks, hispanics, asians, women, and teenagers.
Fourteen million Americans are still unemployed, unchanged from last month, and 6.2 million of those individuals are among the long-term unemployed - those who have been out of work for more than 27 weeks. The Labor Department also revised August's showing of zero new jobs to a gain of 55,000.
While jobs were indeed created in September, many economists are pointing to the figures as evidence of a weak economic recovery. The data reflect an anemic housing market, declining consumer sentiment, and a swelling debt crisis in Europe that threatens to derail American financial markets as well.
"The reality is that unemployment has become entrenched at an uncomfortably high level," Michael Woolfolk at Bank of New York Mellon told the FInancial Times. "Without new jobs, unemployment will remain high, tax receipts will remain low, and no amount of austerity measures will be able to get America's fiscal house in order - a situation all too evident right now in Greece."
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Posted: Oct 7th, 2011