By CHRISTOPHER S. RUGABER, AP Economics Writer Christopher S. Rugaber, Ap Economics Writer – Fri Sep 3
WASHINGTON – Unemployment is stuck at high levels even though some companies are hiring. The problem, government data show, is that too few jobs are being created for the growing number of people looking for work.
Private employers added a net total of 67,000 jobs in August. But the unemployment rate rose to 9.6 percent from 9.5 percent, the Labor Department said Friday, because the number of job-seekers overwhelmed the number of openings.
The unemployment rate has exceeded 9 percent for 16 straight months and is all but sure to extend that streak into next year. If it does, it would break a record of 19 straight months above 9 percent, set from 1982-83, after a severe recession.
Nearly 15 million people are unemployed this Labor Day weekend, and the sluggish economy is putting pressure on President Barack Obama and the Democrats ahead of the November midterm elections. Obama said Friday that he intends to unveil a new package of proposals that will likely include tax cuts and spending to spark job growth.
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