September numbers are in, and the verdict is… disappointing:
U.S. employers cut a deeper-than-expected 263,000 jobs in September, lifting the unemployment rate to 9.8 percent, according to a government report on Friday that fueled fears the weak labor market could undermine economic recovery.
The government revised job losses for July and August to show 13,000 more jobs lost than previously reported. Preliminary annual benchmark revisions, released together with September’s employment report showed that total non-farm payroll employment for March would have to be revised down about 824,000.
All in all, the Labor Department believes 15.1 million are out of work, essentially double the unemployment in real terms from December 2007’s 7.6 million out of work.