National

Nov 6, 2009 9:10 AM by Associated Press

Unemployment rate hits 10.2 percent

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. The Labor Department says the economy shed a net total of 190,000 jobs in October, less than the downwardly revised 219,000 lost in September. But the loss of jobs exceeded economists' estimates.

It's the 22nd straight month the U.S. economy has shed jobs, the longest on records dating back 70 years.

The unemployment rate is 10.2 percent. Counting those who have settled for part-time jobs or stopped looking for work, the unemployment rate would be 17.5 percent, the highest on records dating from 1994. The jobless rate rose from 9.8 percent in September.

»Comments

»Topics in this article

More News

National
Story Photo

4 hours ago

3 Alarm Fire in Boston

Eleven people hurt tonight when an explosion, knocked a house off it's foundation in Boston, in the Dorchester area. It may have...

Weather - Forecast
Story Photo

14 hours ago

Rain & Snow On The Way

A Winter Weather Advisory is in effect from 6 PM tonight until 4 AM Thursday for Teller County, the Rampart Range (including...

Most Popular

Top Videos

1 2 3 4