The 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.
America’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.
Adobe Systems Inc., the largest producer of graphic-design software in the world, has announced a deal to purchase Omniture Inc. for $1.8 billion. Ominture’s focus is tracking website performance and measuring the effectiveness of online advertising campaigns.
As inexpensive Chinese-made automobile tires keep rolling into the United States and U.S. tire manufacturers struggle to stay in business, President Obama will soon have to decide whether or not to impose a tariff on the imports.
The Washington Post reported September 7 that the federal government is now guaranteeing 86 percent of all new home mortgages, as default rates continue to increase and threaten to require a bailout of federal loan guarantors such as the Federal Housing Administration.
The U.S. Labor Department reported unemployment rose to 9.7 percent during the month of August from 9.4 percent, the highest unemployment rate in 26 years. “Nonfarm payroll employment continued to decline in August (-216,000),” the U.S. Bureau of Labor Statistics reported September 4, making a total of 6.9 million jobs lost in the recession since December 2007.
The real number of unemployed in the United States is far more than the federal government’s official count and the recovery could be long and tenuous, a Federal Reserve official told the Chattanooga, Tennessee, Area Chamber of Commerce last week in a speech that received some media attention.