The U.S. unemployment rate rose to 9.8 percent in September, the highest level since 1983, the U.S. Department of Labor said Friday.
The nation’s economy shed 263,000 jobs last month, the 21st consecutive month that payrolls fell, the government reported. The largest job losses in September were reported in construction, manufacturing, retail and government.
The unemployment rate increased by one-tenth of a percentage point, from 9.7 percent in August.
The number of jobs lost was significantly more than economists had forecast. The median projection in a Bloomberg survey of 81 economists this week was 175,000 job losses. They also said the rate would rise to 9.8 percent.
Nonfarm payrolls data also showed that U.S. employers cut 263,000 jobs in the month of September, higher than the 216,000 that were shed in August.
Economists had expected a much smaller drop of 175,000 jobs last month.
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