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Unemployment Update: At Least It’s Not 10 Percent

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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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