Last month, U.S. employers slashed 216,000 jobs from their payrolls, their smallest cut since August 2008, the Labor Department reported today. The job number was largely in line with economists expectations. But it wasn't all good news. Indeed, this Labor Day, nearly 10 percent of the nation's workers will be unemployed and searching for work. The unemployment rate shot to 9.7 percent, its highest level since June 1983. The unemployment rate is measured through a household survey, a different survey than is used to measure the monthly jobs number. The household survey showed the labor force increased by 73,000 workers last month, and employment dropped by 392,000.
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