Unemployment Update: At Least It’s Not 10 Percent

The U.S. economy shed another 263,000 jobs in September, pushing the unemployment rate up to 9.8 percent, the Bureau of Labor Statistics reported today.

This loss exceeded forecasts which predicted a loss below 200,000.

The bigger-than-expected job losses are “disappointing,” Christina Romer, President Barack Obama‘s chief economist, said today in a Bloomberg Television interview.

Working hours also declined for hourly workers, down to an average of 33 hours a week. Hourly earnings were a penny higher in September than they were in August.

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