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2009 Bank Stress Test High Unemployment
US Economy September 2009 - When compiling the "worst case" for stress-testing American banks last winter, policymakers figured the most chilling scenario for unemployment in 2009 was 8.9% - a figure we breezed past in May.
From December 2007 to August 2009, the economy jettisoned nearly 7 million jobs, according to the Bureau of Labor Statistics.
That's a 5% decrease in the total number of jobs, a drop that hasn't occurred since the end of World War II.
The number of long-term unemployed, people who have been out of work for more than 27 weeks, was the highest since the BLS began recording the number in 1948. Jobless figures released Sept. 4 showed a 9.7% unemployment rate, pushing the U.S. - unthinkably - ahead of Europe, with 9.5%.
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