Jobless rate tops 10 pct. for first time since ‘83
Unemployment rate tops 10 percent for first time since 1983; 190,000 jobs lost in October
By Christopher S. Rugaber, AP Economics Writer
On 1:36 pm EST, Friday November 6, 2009

WASHINGTON (AP) — The unemployment rate has hit double digits for the first time since 1983 — and is likely to go higher.

The 10.2 percent jobless rate for October shows how weak the economy remains even though it is growing. The rising jobless rate could threaten the recovery if it saps consumers’ confidence and makes them more cautious about spending as the holiday season approaches.

The October unemployment rate — reflecting nearly 16 million jobless people — jumped from 9.8 percent in September, the Labor Department said Friday. The job losses occurred across most industries, from manufacturing and construction to retail and financial.

Economists say the unemployment rate could surpass 10.5 percent next year because employers are reluctant to hire.

Yahoo News-Jobless rate tops 10 pct. for first time since ‘83

So much for the recession being over. This is the longest unemployment increase in the past 70 years. This cannot go on for this long. I would not be surprised if the unemployment rate hits 15%.