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There are now 14.8 million people officially unemployed in the United States, and even that figure doesn't capture the suffering. People out of work who have stopped looking for jobs are not counted as unemployed. Adding those people plus others who are working part time but would prefer full-time jobs, nearly 27 million are "underemployed"
-- 17.1 percent of American adults, up from 16.7 percent in August and close to a record. The persistent jobs crisis makes it all but certain the Federal Reserve will act at its Nov. 2-3 meeting to try to rejuvenate the economy. The Fed will likely buy billions more in government debt to further drive down rates on mortgages, corporate loans and other debt. The idea is that even cheaper loans might get Americans to increase spending and boost the economy. That prospect lifted stocks on Wall Street. The Dow Jones industrial average closed above 11,000 for the first time since May. It finished up nearly 58 points to 11,006. On Main Street, however, the outlook for the economy hasn't brightened much in more than a year, even though the recession technically ended and the economy began slowly growing last summer. Congress failed to pass an extension of tax cuts, enacted in 2001 and 2003 under President George W. Bush, before leaving town for the midterms. As it stands now, most Americans would face a tax increase Jan. 1. In the private sector, hiring in September was led by 34,000 new jobs at bars and restaurants, but those tend to pay less than government work and offer fewer benefits, if any. Factories cut 6,000 jobs last month. Construction companies sliced 21,000. Both industries tend to pay higher wages than jobs in the service sector, such as work at chain stores. Retailers added about 6,000 positions. The recession wiped out 7.3 million jobs, the most of any downturn since World War II, and economists say it will take at least until the middle of this decade to recover them. "The areas where private job growth was the strongest are industries that aren't usually considered high-quality employment," said Michael Feroli, economist at JPMorgan Chase Bank. "The labor market remains stuck in the mud."
[Associated
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