US jobless rate to rise after going over 10%
By Christopher S. Rugaber |
November 7, 2009, Saturday
|
Print Edition
Print Edition
THE unemployment rate in the United States has surpassed 10 percent for the first time since 1983 -- and is likely to go higher.
Nearly 16 million people can't find jobs even though the worst recession since the Great Depression has apparently ended. The US Labor Department yesterday said the economy shed a net total of 190,000 jobs in October, less than the downwardly revised 219,000 lost in September. August job losses were also revised lower, to 154,000 from 201,000.
But the loss of jobs last month exceeded economists' estimates. It's the 22nd straight month the US economy has shed jobs, the longest on records dating back 70 years.
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 jobless rate rose from 9.8 percent in September.
Yesterday'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, raising worries of a jobless recovery.
In addition, many economists worry that persistently high unemployment could undermine the recovery by restraining consumer spending, which accounts for 70 percent of the economy.
One sign of how hard it still is to find a job: the number of Americans who have been out of work for six months or longer rose to 5.6 million, a record. They comprise 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. US President Barack Obama is expected to quickly sign the legislation.
The employment report showed job losses were widespread in many industries.
Nearly 16 million people can't find jobs even though the worst recession since the Great Depression has apparently ended. The US Labor Department yesterday said the economy shed a net total of 190,000 jobs in October, less than the downwardly revised 219,000 lost in September. August job losses were also revised lower, to 154,000 from 201,000.
But the loss of jobs last month exceeded economists' estimates. It's the 22nd straight month the US economy has shed jobs, the longest on records dating back 70 years.
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 jobless rate rose from 9.8 percent in September.
Yesterday'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, raising worries of a jobless recovery.
In addition, many economists worry that persistently high unemployment could undermine the recovery by restraining consumer spending, which accounts for 70 percent of the economy.
One sign of how hard it still is to find a job: the number of Americans who have been out of work for six months or longer rose to 5.6 million, a record. They comprise 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. US President Barack Obama is expected to quickly sign the legislation.
The employment report showed job losses were widespread in many industries.
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