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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.
Link to the article on Yahoo Finance- http://finance.yahoo.com/news/Jobless-rate-tops-10-pct-for-apf-5631...
Here are some important excerpts from the story-
The number of unemployed hit 15.7 million, up from 15.1 million. The job losses occurred across most industries, from manufacturing and construction to retail and financial.
Still, 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 number of Americans who have been out of work for six months or longer rose to 5.6 million, a record. They account for 35.6 percent of the unemployed population, matching a record set last month.
Congress sought to address the impact of long-term unemployment this week by approving legislation extending jobless benefits for the fourth time since the recession began. The bill would add 14 to 20 extra weeks of aid and is intended to prevent almost 2 million recipients from running out of unemployment insurance during the upcoming holiday season.
____________________
Keep your chin up and keep pluggin' away. While things are not good, there are still opportunities out there. Good luck to us all.
Mike-
Link to the article on Yahoo Finance- http://finance.yahoo.com/news/Jobless-rate-tops-10-pct-for-apf-5631...
Here are some important excerpts from the story-
The number of unemployed hit 15.7 million, up from 15.1 million. The job losses occurred across most industries, from manufacturing and construction to retail and financial.
Still, 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 number of Americans who have been out of work for six months or longer rose to 5.6 million, a record. They account for 35.6 percent of the unemployed population, matching a record set last month.
Congress sought to address the impact of long-term unemployment this week by approving legislation extending jobless benefits for the fourth time since the recession began. The bill would add 14 to 20 extra weeks of aid and is intended to prevent almost 2 million recipients from running out of unemployment insurance during the upcoming holiday season.
____________________
Keep your chin up and keep pluggin' away. While things are not good, there are still opportunities out there. Good luck to us all.
Mike-
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