US jobless rate hits 26-yr high

8220;Non-farm payroll employment continued to decline in August -216,000 and the unemployment rate rose to 9.7 per cent,8221; the US Labor Department said in a statement on Friday.

Even though the August unemployment rate is the highest since 1983,the pace of job cuts have 8220;moderated in recent months8221;.

Reflecting the shaky economic situation,as many as 6.9 million 8220;pay roll8221; jobs have evaporated since the nation officially slipped into recession in December 2007.

Last month,the count of unemployed people jumped by 466,000 to 14.9 million.

Since the recession began,the 8220;number of unemployed persons has risen by 7.4 million,and the unemployment rate has grown by 4.8 percentage points8221;.

Hit by one of the worst financial turmoils in nearly 80 years,American companies have resorted to massive layoffs as part of their measures to bring down costs.