Jobless rate jumps to 5-year high of 6.1%

Take my word for it, things are really bad out there.

WASHINGTON — The nation’s unemployment rate zoomed to a five-year high of 6.1% in August as employers slashed 84,000 jobs, dramatic proof of the mounting damage a deeply troubled economy is inflicting on workers and businesses alike.

The Labor Department’s report, released today, showed the increasing toll the housing, credit and financial crises are taking on the economy.

The report was sure to rattle Wall Street again. All the major stock indexes tumbled into bear territory Thursday as investors lost hope of a late-year recovery.