Unemployment Goes Up, Work Week Goes Down
So much for those reports about the economy showing signs of improvement. According to the Labor Department, the unemployment rate climbed to 9.8 percent in September, which is the highest it's been since 1983. Even more depressing: 7.2 million jobs have been lost since the recession began, which represents the biggest decline since the Great Depression. The good news? If you're fortunate enough to have a job, chances are you aren't spending nearly as much time there as you used to. The average work week for American workers—33 hours—now stands at a record low. [Bloomberg, WSJ]