October job report | Unemployment hits 10.2%


Whereas last week politicians, pundits, Wall Street and economists heralded headlines touting 3.5% growth in GDP and 640,000 jobs created by the stimulus package, unemployment reports continue to be the wet blanket stifling economic recovery on Main Street. Today’s job report indicates more of the same.

In October the nation’s unemployment rate rose above 10% for the first time since 1983, a much worse jump than expected as employers continued to trim jobs from payrolls. Economists had forecast an increase to 9.9%.

According to the Labor Department there was a net loss of 190,000 jobs in October, an improvement from a revised estimate of 219,000 job losses in September. This was the 22nd straight month of job losses.

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~ by ameanderingmuse on November 6, 2009.

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