China Financial Daily

US unemployment rate in August:US unemployment rate reached 9.7% and created a new high in 26 years
216,000 US employers were laid off in August, which pushed the unemployment rate up to 9.7% and created a new high in 26 years, the official figures show.

The unemployment rate rose after 9.4% in July, but the Labor Department said the job loss figure was the smallest in a year. Since the start of the depression in December 2007, the economy has shed 6.9 million jobs, the department said. Jobs have been lost among the manufacturing and service industries. However, the total unemployment stands at 14.9 million.

Analysts expected the U.S. unemployment rate would rise to 9.5% and job reductions to total 225,000. Although there are signs showing that the US economy is now recovering from the worst recession in 70 years, unemployment was still high, which still dampens any economic rebound.

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