Joined: Jan 2008 Gender: Female Posts: 1,728 Location: NY/PA border
Jobless Rate tops 10 % first time in 26 years « Thread Started on Nov 6, 2009, 4:59pm »
And our president said it would never go above 8%.
Quote:
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.
President Barack Obama called the new jobs report another illustration of why much more work is needed to spur business creation and consumer spending. Noting legislation he's signing to provide additional unemployment benefits for laid-off workers, Obama said, "I will not rest until all Americans who want work can find work."
"Government big enough to supply everything you need is big enough to take everything you have ... The course of history shows that as a government grows, liberty decreases." Gerald Ford
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Joined: Jan 2008 Gender: Female Posts: 3,466
Re: Jobless Rate tops 10 % first time in 26 years « Reply #1 on Nov 7, 2009, 1:22pm »
"Government big enough to supply everything you need is big enough to take everything you have ... The course of history shows that as a government grows, liberty decreases." Gerald Ford
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