Unemployment rate tops 10 percent for first time since 1983; 190,000 jobs lost in October

 

The jobless rate rose to 10.2 percent from 9.8 percent in September. The jump reflects a sharp increase in the tally of unemployed Americans, which rose to 15.7 million from 15.1 million. That was much larger than the net loss of jobs, which is based on a survey of businesses.

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

economy grew at a 3.5 percent annual rate in the July-September quarter….You need explosive growth to take the unemployment rate down

many analysts expect economic growth to moderate early next year, as the impact of various government stimulus programs fades.

Retailers, the financial sector and leisure and hospitality companies all continued to reduce payrolls

Click on the following for more details:  Unemployment rate tops 10 percent for first time since 1983; 190,000 jobs lost in October | StarTribune.com