PostHeaderIcon US unemployment rate rises further to 10.2% in October



According to the Labor Department that new jobless claims fell to 512,000 last week, the lowest level in 10 months. This was the kind of news we all wanted--- to complement a rosy outlook that the manufacturing sector was on a rebound to usher in the recovery from recession. Yet, signs of recovery was not buoyed by the joblessness report from last month:

“U.S. employers cut a deeper-than-expected 190,000 jobs in October, government data showed on Friday, driving the unemployment rate to 10.2 percent, the highest in 26-1/2 years… Payrolls have declined for 22 consecutive months now, throwing 7.3 million people out of work since December 2007, when the recession started.”--- Reuters (11/06/09)

This new unemployment figure is the highest since 1983. The dismal figure, worse than most economists predicted, comes earlier than expected and it suggests improvement in the economy will not come fast. (Photo Credit: Debtfree.Daniloff) =0=

RELATED BLOG: "Credibility: a big factor in economic recovery" Posted by mesiamd at 11/04/2009

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