Since the first time in five years, the unemployment rate as jumped dramatically in the last month reaching 6.1 percent. And according the Labor Department, it's likely to get even higher in the months to come, possibly throwing the economy in a tailspin as Americans choose a new president.
The jobless rate in July of this year reached 5.7 percent and rose to drastically high 6.1 percent by August, according the Labor Department. Sharp increases like this are usually a strong recession warning, and it ruined investors' hopes of a recovery this year.
Marking the eighth straight month of losses, employers cut payrolls by 84,000 in August, out of worry for their economy and business prospects. This year alone a staggering 605,000 jobs have disappeared, slightly less than the population of Alaska. The economy needs to generate more than 100,000 new jobs a month for employment to remain stable.
A toxic trio of housing, credit, and financial problems has badly shaken the economy, and the risis shows no signs of letting up. It's the public’s top worry, and many experts think the situation will get worse before it gets any better.
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