Unemployment up to 9.7%:
Employers eliminated 216,000 jobs in August even as the larger economy showed signs of turning around, suggesting that while the pace of job losses continues to slow, American workers will still be among the last to benefit from a recovery.
The unemployment rate, which dipped in July as Americans left the work force and stopped looking for jobs, resumed its climb last month, rising to 9.7 percent from 9.4 percent, the Labor Department reported on Friday in its monthly snapshot of the job market.
“We’re still losing jobs, but at a slower pace,” said Nigel Gault, chief United States economist at IHS Global Insight. “The trend is telling us that the further we get into the year, the smaller job losses are going to get.”
This is going to take a while.