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Jobless rate tops 10% for first time since '83
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| Contributor | Jason |
| Last Edited | Jason Nov 16, 2009 07:14pm |
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| Category | News |
| Author | Christopher S. Rugaber |
| News Date | Saturday, November 7, 2009 01:00:00 AM UTC0:0 |
| Description | WASHINGTON - The unemployment rate has surpassed 10 percent for the first time since 1983 - and is likely to go higher.
Nearly 16 million people can't find jobs even though the worst recession since the Great Depression has apparently ended. Many economists worry that persistently high unemployment could undermine the recovery by restraining consumer spending, which accounts for 70 percent of the economy.
The Labor Department said Friday that jobless rate rose to 10.2 percent, the highest since April 1983, from 9.8 percent in September. The economy shed a net total of 190,000 jobs in October, less than the downwardly revised 219,000 lost in September, but more than economists expected.
The jump in the jobless rate reflects a sharp increase in the tally of unemployed Americans, which rose to 15.7 million from 15.1 million. The net loss of jobs occurred across most industries, from manufacturing and construction to retail and financial. That tally is based on a separate survey of businesses. |
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