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 economy, by most accounts, has begun to grow again. But Friday’s Labor Department report underscored the risk that without jobs, consumers won’t have income to spend and that will restrain growth and give employers little reason to resume hiring after 21 consecutive months of job losses.
The bleak report comes amid continuing talks between the White House and Congress on extending of some parts of the stimulus package enacted in February, such as unemployment benefits and health-insurance subsidies.
Why not just say…
“Answer hazy. Try again later.”