Employment Falls By 216,000 In August, Unemployment Rate Jumps To 9.7%

Sponsored Links

Employment fell by less than expected in the month of August, according to a report released by the Labor Department on Friday, although the report also showed a much bigger than expected increase by the unemployment rate.

The report showed that non-farm payroll employment fell by 216,000 jobs in August following a revised decrease of 276,000 jobs in July. Economists had expected a loss of about 230,000 jobs compared to the loss of 247,000 jobs originally reported for the previous month.

Despite the slower pace of job losses, the Labor Department also said that the unemployment rate jumped to 9.7 percent in August from 9.4 percent in July. With the increase, which exceeded economist estimates, the unemployment rate rose to a new 26-year high.

Employment fell by less than expected in the month of August, according to a report released by the Labor Department on Friday, although the report also showed a much bigger than expected increase by the unemployment rate. (Market News Provided by RTTNews)