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US job market at its worst in 15 years

October 27, 2008

The labour market in the US is at its worst since the two recessions in the last decade, with the number of people unemployed for 27 weeks or more reaching two million in September, a leading financial daily said on Monday.

The new job data shows that the labour market in the US is now the worst it has been since the two prior recessions in 2001 and the early 1990s, the Wall Street Journal said.

One of the starkest indicators is that the number of people who have been unemployed for 27 weeks or more reached two million in September which is 21 per cent of the total unemployed, it said, adding the rate is approaching the prior peaks of about 23 per cent in 2003 and 1992.

Text: PTI

Prospects of job seekers dim...

Image: Actors play a skit of unemployed financial businessmen outside the New York Stock Exchange. | Photograph: Timothy A Clary/AFP/Getty Images

Also read: Meltdown: Thousands of jobs to go globally!

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