Unemployment Rate Is Highest in 26 Years

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(Photo: Chris(UK) / flickr)

The benchmark revisions will show job loss was 824,000 larger than originally reported.

The accelerated pace of job loss was driven primarily by the government, retail, and educational services sectors.

The government sector lost 53,000 jobs in September, compared with a loss of 19,000 jobs in August. Most of the job loss was again at the state and local level, which together accounted for 47,000 of the lost jobs.

The private educational services sector, which had been adding jobs through the recession, lost 16,900 jobs in September.

These job losses, like the state and local cutbacks, are largely the result of budget shortfalls since much of the funding for these services comes from the public sector.

Retail trade lost 38,500 jobs in September after losing just 8,800 in August.

The biggest difference here was in the auto sector – 7,100 jobs lost, after having added 3,500 in August to meet demand from the Cash for Clunkers program.

The construction sector continued its rapid pace of job loss, shedding 64,000 jobs in September, mostly in non-residential construction.

Manufacturing lost another 51,000 jobs.

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