WASHINGTON (Reuters) – U.S. employers cut a deeper-than-expected 263,000 jobs in September, lifting the unemployment rate to 9.8 percent, according to a government report on Friday that fueled fears the weak labor market could undermine recovery from a prolonged recession.
The Labor Department said the unemployment rate was the highest since June 1983 and payrolls had now dropped for 21 consecutive months.
link: U.S. Sept non-farm payrolls fall, jobless rate up - Yahoo! News
But hey, Bunky, check this out:
"The worst of the labor market deterioration is over. Despite this month's bigger decline, the trajectory of job losses is still positive as the trend rate has slowed as economic activity has begun to recover," said Steven Wood, chief economist at Insight Economics in Danville, California.
Got it? The trajectory of job losses is still positive as the trend rate has slowed. WTF? And this Wood guy has a job?
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