Friday, September 4, 2009

August Unemployment Rate Increases to 9.7%, U-6 Unemployment Rate Nears 17

Click on Chart for a bigger image.

Today, the Bureau of Labor Statistics stated that the seasonally adjusted unemployment rate in the United States increased 0.3 percentage points in August 2009 to 9.7%. This is the largest percentage of unemployed workers in America since 1983.
When you combine the unemployed with the underemployed, you get the U-6 unemployment rate--which increased to 16.8% in August 2009.
These two data points coupled with the fact that the average work week was just 33.1 hours in August 2009 means that there is a lot slack in the economy and even people with jobs may be nervous that they could lose them.

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