U.S. unemployment:highest in last 26 years

Another 216,000 jobs are lost in U.S. in the month of August continuing the trend which was trickled by the recession started in December 2007. Unemployment rate is now 9.7%, highest in last 26 years. Even though last month, this value had gone down to 9.4%, it has increased by 0.3 this year. With 6.9 million jobs lost since December 2007, total unemployment in the country has raised to 14.9 million. This seems a really troubling time for the Americans with such massive job cuts.

According to many thinkers of the field, it was expected that the unemployment will rise to 9.5%. But, a rise to 9.7% has surprised many of them. Though, there has been news of the recovery recently, but this hard hitting recession is still causing job losses for people. This is the worst recession for Americans since last 70 years. Many are also scared that the high unemployment will have an adverse affect on the recovery.

In the opinion of Nigel Gault, U.S. economist, the increase in unemployment is expected. According to him, improvements in the economy have started but it will take some time for the unemployment rate to come down. Construction industry with the loss of 65000 jobs was the worst hit while on the other hand Health Care and Education Services added around 52,000 jobs collectively.