The chart above shows the official reported unemployment rate, as well as the BLS-U-6 (which includes underemployed as well as unemployed persons) and SGS (unemployed, underemployed, and discouraged/no longer seeking unemployed) reported unemployment rates. Click here for the full explanation of how these unemployment numbers are calculated.

On October 2, 2009, The Bureau of Labor Statistics announced that the official unemployment rate has now reached a whopping 9.8%. Unemployment has been hitting a winning streak apparently, with 21 consecutive months of ever increasing joblessness. There is now twice the amount of unemployment compared with the rate noted at the start of the recession. Also, depending on whose statistic is being measured (BLS, SGS), unemployment and underemployment could be as high as 21%.

In September alone, 15.1 million persons became unemployed. Long-term unemployed persons increased to 5.4 million, and the Bureau of Labor Statistics reports that this group has grown more than four-fold since the beginning of the recession. At 58.8, the United States now has its lowest employed to population ratio since 1984. Even among the employed, 9.2 million persons who were working part-time would have preferred full-time work.

The major areas of job loss were in construction, manufacturing, local government, and retail trade. The only highlight seemed to be that, when compared with the months of November 2008 to April 2009, job losses in construction from the recent months of May 2009 to September 2009 have eased to about 50% (116,000/month versus 66,000/month). Also, the health care industry witnessed an increase in employment, of about 19,000 employed persons for September. 

Click here if you would like to read the full Bureau of Labor Statistics report, as reported to Congress.

There is some good news, however. The banks that were bailed out by the government are now sitting safe and secure, with billions of dollars collecting interest in the Federal Reserves. High-ranking bank officials are still collecting bonuses, thank God.