Unemployment Over 6%

The unemployment rate increased to 6.1% in August and payroll employment dropped by 84,000 jobs. This is the highest unemployment rate since September 2003.

Employment continued to fall in construction, manufacturing, motor vehicle and parts manufacturers, and employment services, while health care added 27,000 jobs.

This is the 8th month in a row that the economy has lost jobs. Payroll employment has fallen by 650,000 this year, or an average of 76,000 jobs per month. About.com's US Economy Guide Kimberly Amadeo notes, "The last time year-over-year job growth trended down this severely was in 2001, which led to 29 months of job losses." Kimberly adds, "Generally, about 150,000 new jobs are needed each month to keep the economy stable."

This means that, not only are you are more at risk for losing your job, but there is more competition for available jobs. It's important to spend some time checking out the job market, so you know what type of jobs are available for someone with your skills - just in case you have to find one.

If you have already lost your job, here's information on filing for unemployment. It's important to file as soon as possible, and you may be able to file your unemployment claim online. If you're out of benefits, an unemployment extension was passed this month. Check with your state Department of Labor for information on eligiblity and how to collect benefits.

Unemployment

• Unemployment Extension
• Unemployment Benefits
• How to File for Unemployment
• How the Job Loss Report Effects You