Pres Hussein is a failure and ought to resign.

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
WASHINGTON (AP) -- The unemployment rate has surpassed 10 percent for the first time since 1983 -- and is likely to go higher.



AP - In this Nov. 4, 2009 photo, Sonja Jackson, of Detroit, holds a Employment Guide standing in line ...

Nearly 16 million people can't find jobs even though the worst recession since the Great Depression has apparently ended. Many economists worry that persistently high unemployment could undermine the recovery by restraining consumer spending, which accounts for 70 percent of the economy.

The Labor Department said Friday that jobless rate rose to 10.2 percent, the highest since April 1983, from 9.8 percent in September. The economy shed a net total of 190,000 jobs in October, less than the downwardly revised 219,000 lost in September, but more than economists expected.

The jump in the jobless rate reflects a sharp increase in the tally of unemployed Americans, which rose to 15.7 million from 15.1 million. The net loss of jobs occurred across most industries, from manufacturing and construction to retail and financial. That tally is based on a separate survey of businesses.

Economists say the unemployment rate could climb as high as 10.5 percent next year because employers remain reluctant to hire.

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.

"It's not a good report," said Dan Greenhaus, chief economic strategist for New York-based investment firm Miller Tabak & Co. "What we're seeing is a validation of the idea that a jobless recovery is perfectly on track."

Friday's report is the first since the government said last week that the economy grew at a 3.5 percent annual rate in the July-September quarter, the strongest signal yet that the economy is rebounding. But that isn't fast enough to spur rapid hiring.

So much for spending us out of this recession.

THIS IS REASON FOR CONCERN, BUT IT'S NOT UNEXPECTED.IF WE DID NOT SPEND, THEN THE UE RATE MAY HAVE BEEN 25%!

The worst in 26 yrs, I'm waiting for the figures to come out for Florida which is already over 12%......gonna be a scrooge Christmas.

Please explain how spending when your broke makes things better.

quote:

Originally posted by Gibby:
Please explain how spending when your broke makes things better.

THIS IS FOR COMPANIES. IF YOU ARE BROKE YOU CAN'T SPEND IT AS AN INDIVIDUAL.IF THERE IS SPENDING THEN PEOPLE WILL BE ABLE TO KEEP THEIR JOBS BECAUSE THERE IS A DEMAND FOR THEIR PRODUCTS.THE MONEY IS THROWN BACK INTO THE ECONOMY.NOW IS NOT THE TIME TO BE HOLDING YOUR MONEY, CONSERVE YES, BUT DON'T HOARD IT.

UP HERE SALES TAX REVENUE IS WAY DOWN, SO OUR PROPERTY TAXES WILL GO UP TO MAKE UP FOR IT.NO SERVICES WILL BE CUT, NO LAY OFFS.ONCE AGAIN IT'S THE TAX PAYERS FOOTING THE BILL.