Unemployment Rate Hits 9.8 Percent!

unemployed 4 Unemployment Rate Hits 9.8 Percent!On the bright side, jobless Americans will have an easier time finding people to hang out with during the daytime. On the sad side, yikes! Unemployment climbed to 9.8 percent in November as the U.S. economy added a measly 39,000 jobs, according to the Bureau of Labor Statistics.

The number of unemployed people now stands at 15.1 million. The unemployment rate had been 9.6 percent for August, September and October. Economists had not expected things to get this much worse; according to briefing.com, wonks were on average looking for the economy to add 130,000 jobs and the unemployment rate to stay at around 9.6 percent.

Oh, and wages are stagnant, too!

In November, average hourly earnings of all employees on private nonfarm payrolls increased by 1 cent to $22.75. Over the past 12 months, average hourly earnings have increased by 1.6 percent. In November, average hourly earnings of private-sec-
tor production and nonsupervisory employees were unchanged at $19.19.

Better stock up on Ramen noodles, everybody.

mtaylor [at] observer.com | @mbrookstaylor