empty pocketThe national unemployment rate hit 9.8 percent in September, the highest it has been since June 1983. A total of 15.1 million Americans are now out of work, and 7.2 million jobs have been eliminated during the recession, the Labor Department said.

economyAmerica’s gross domestic product declined in the second quarter of this year, and in September the economy continued to lose jobs. Yet because the decline in the GDP was not as bad as predicted, and the number of jobs lost in September was less than those lost in August, both economic trends were generally reported in a positive light.

money pileThe Federal Deposit Insurance Corporation proposed on September 29 that banks prepay $45 billion in insurance premiums to help the FDIC avoid running out of money to cover bank failures.

senior citizen workerAccording to a survey conducted in the past two months by an organization known as Experience Works, the current recession is hitting seniors hard, causing them to delay retirement or to come out of retirement.

BairThe Federal Deposit Insurance Corporation (FDIC) is considering borrowing billions of dollars from the very banks it is supposed to be insuring against failure, the New York Times reported on September 21.

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