Unemployment Unexpectedly Drops to 5.8% for September: Unemployment Declines Despite Economic Slo...
The nationÛªs unemployment rate unexpectedly dropped from 6 percent in August to 5.8 percent last month, the Labor Department reported yesterday.</br></br>Most analysts had expected at least a small increase in unemployment as a result of the current slowdown in economic activity. But Û¢ the report showed 610,000 more people employed in September than in August.</br></br>Almost all of the reduction in unemployment between August and September took place among adult women, reversing jobless increases reported as occurring between July and August. This rapid down-and-up suggested to some analysts that the August increase in unemployment was overstated, and that much of the September improvement was also a statistical mirage.</br></br>Janet Norwood, commissioner of labor statistics, told CongressÛª Joint Economic Committee (JEC) that neither the survey of American households nor that of businesses ÛÏyet sho'yvs any unmistakable signs of labor market recession.Û</br></br>Nevertheless, most economic forecasters still believe the economy, if not already in a recession, will be soon.