The unemployment rate soared to a nearly five-year high in August as employers trimmed jobs for the eighth straight month, the government reported Friday.Although I have a job, I work as a server and thus rely on tips. With the gloomy economic climate as it is, the first thing people drop is dining out--and thus my salary has taken a stab (more like a gouge).
The unemployment rate rose to 6.1%, the highest level since September 2003. That's up from 5.7% in July and 4.7% a year ago.
In addition, the economy suffered a net loss of 84,000 jobs in August, according to the U.S. Department of Labor, compared to a revised reading of a 60,000 job loss in July.
The U.S. economy has lost 605,000 jobs so far this year.
Friday, September 5, 2008
Well this can't be good news.