Employment Continues To Decline; Highest Unemployment Since 1983

216,000 jobs were lost in August and the unemployment rate rose to 9.7 percent, the Bureau of Labor Statistics reported today, much less than payroll company ADP’s estimate of 298,000 jobs shed, but more than economists had expected. The unemployment rate is now at a 26-year high.

Currently, 14 million people in the United States are unemployed, and 81.5 million are not in the labor force—either because they have stopped looking or gone back to school, for example.

President Obama said he believes unemployment will reach 10 percent before the year’s up.