August Figures In: Unemployment Rises To 9.6 Percent
Sep 3, 2010 Comments Off Pat Dollard
WASHINGTON (AP) — The U.S. unemployment rate rose in August for the first time in four months as weak hiring by private employers wasn’t enough to keep pace with a large increase in the number of people looking for work
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The Labor Department says companies added a net total 67,000 new jobs last month, down from July’s upwardly revised total of 107,000. Wall Street analysts expected a smaller gain, according to Thomson Reuters.
Overall, the economy lost 54,000 jobs as 114,000 temporary census positions came to an end. State and local governments shed 10,000 positions. The jobless rate rose to 9.6 percent from 9.5 percent in July.
More than a half-million Americans resumed their job searches in August, which drove up the jobless rate.
The White House has ruled out an “extraordinary” new economic stimulus plan to fire up the slowing recovery, but has said that Obama is scouting new ideas to boost jobs and growth.
Obama is expected to address the latest jobs figures later in the day, as he begins a heavy slate of economy-themed events, including travel to the hard-hit Midwest to highlight his economic recovery plans and the hosting of a major press conference next Friday.
