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10.2% unemployment rate highest in 26 years

by smkovalinsky | November 6, 2009 at 07:28 am

135 views | 28 Recommendations | 8 comments

The United States economy lost 190,000 jobs in October, and the unemployment rate is now at a 26-year high of 10.2 percent.

This is an increase from 9.8 percent in September, according to an economic report appraising the situation through the Department of Labor.

The biggest job losses were within the domains of retail, construction, and manufacturing. There were some job additions: 29,000 jobs in the health care industry and also temp work increased by 34,000 according to the New York Times.

While the pace of job losses has slowed significantly since the peak of the recession last winter, the unemployment rate, which measures the number of people actively seeking work, continues to climb, and economists do not foresee relief until well into next year.
“There’s no doubt that the slashing and burning of jobs has abated quite a lot,” said Allen L. Sinai, the founder of Decision Economics, a research firm. “The economy is recovering, but it is a very soft recovery.”

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albertacowpoke

at 07:32 on November 6th, 2009

Sad. They forecasted to keep it at 8% with Stimulus. Canada also lost 43,000 jobs.

generaldecay

at 10:14 on November 6th, 2009

Flipping 'eck. This is a shocking rate of joblessness.

Hugh Askew

at 10:27 on November 6th, 2009

i smell more pork............excuse, stimulus on the way

nanute

at 14:28 on November 6th, 2009

Maybe we can get some help from China.

Hugh Askew

at 08:33 on November 7th, 2009

chow mein rations, perhaps?

nanute

at 11:02 on November 7th, 2009

neo chow?

Sudha Krishna

at 13:04 on November 6th, 2009

15.7 Million Americans out of work is not good for USA, not good for anyone. It seems Michigan leads the way at a pretty shocking 15.3 per cent jobless rate.

Here is a statement for US Dept Labor Secretary Hilda Solis

"We have known for some time now that the unemployment rate could reach this level, and it is an unacceptable situation. We are working hard to reverse these circumstances for the millions of Americans who need and want work but cannot find it.

"When this recession began in December 2007, the housing market was collapsing, and with the subsequent credit collapse, small businesses were unable to raise the working capital necessary to keep their employees on payroll. When this administration began its work in January 2009, the economy was in a freefall, shedding 700,000 jobs a month.

"This administration met these challenges head on by immediately putting a plan into action to create jobs and drive economic growth. As a result, housing markets are now showing signs of recovery, credit is flowing again and just last week we saw that the economy is growing, rather than shrinking, for the first time in a year.