Jobless Rate Hits 10.2% – BusinessWeek
The U.S. unemployment rate jumped from 9.8% to 10.2% in October, the U.S. Bureau of Labor Statistics reported on Nov.6. That rate exceeds economists’ estimates of 9.9% and is the highest since April 1983.
Nonfarm payroll employment declined by 190,000, more than the 175,000 jobs that economists had forecast. The largest job losses in October were in construction, manufacturing, and retail. The economy lost 219,000 jobs in September, revised from a previous estimate of 263,000. In the last three months, job losses have averaged 188,000 per month, compared with an average of 357,000 during the prior three months.
While the rate of job loss is slowing, the recession has had a devastating impact on the job market. Since December 2007, employers have shed 8.2 million jobs, sending the unemployment rate up 5.3 percentage points [Full Story]
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