MarketWatch.com shows the nation’s job losses accelerated in September, driving the unemployment rate to a 26-year high of 9.8% economic data showed Friday. Nonfarm payrolls fell by a greater-than-expected 263,000 in September, the Labor Department reported. It marked the 21st consecutive month of job losses.
Since the recession began in December 2007, 7.2 million jobs have been lost and the unemployment rate has doubled. While disappointing, the September numbers were not catastrophic, economists said. “We are more inclined to view September as a temporary setback than as a signal that the decelerating trend in job losses has stalled out,” wrote Stephen Stanley, chief economist for RBS Securities. “It is far too early to be pulling the alarm on this nascent recovery.”
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