The unemployment rate hit 9.7% -- its highest level since June 1983 -- "proving that it will take some time for the ailing labor market to recover from the worst financial crisis in decades," the Wall Street Journal reports.
First Read: "Today's monthly jobs report is good news, bad news for the Obama administration. The bad news: The unemployment rate for August has increased from 9.4% last month to 9.7%, the highest level in 26 years. The good news: Employers cut 216,000 jobs in August, which is the lowest number since Aug. 2008, providing further proof that the economy bottomed out last winter."
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