Unemployment Rate Hits 10 Percent For The First Time Since 1983

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.

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Posted by Jo Bobenhouse Smith

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Jo Bobenhouse Smith
4.0
by Jo Bobenhouse Smith - Nov. 6, 2009

Thorough, complete, well sourced.

The report showed job losses remain widespread across many industries. Manufacturers eliminated a net total of 61,000 jobs. Construction shed 62,000 jobs. The economy has lost a net total of 7.3 million jobs since the recession began in December 2007.

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