Jobless rate tops 10 pct. for first time since ‘83
U.S. unemployment rose by more than expected in October to hit its highest level in more than 26 years and employers cut more jobs than forecast, a sign the labor market continues to struggle as the economy emerges from its deep recession.
Obama’s policies keep pushing unemployment upwards
The unemployment rate, calculated using a survey of households as opposed to companies, rose by 0.4 percentage point to 10.2%, the Labor Department said Friday. Economists surveyed by Dow Jones Newswires had forecast an increase to 9.9%.
Nonfarm payrolls fell by 190,000 last month, with the largest job losses in construction, manufacturing, and retail trade. Economists had expected a 175,000 decrease.
Since the start of the recession in December 2007, the number of unemployed has increased by 8.2 million and the unemployment rate has grown by 5.3 percentage points.
Read More: By LUCA DI LEO and JEFF BATER, Wall Street Journal
Tags: Barack Obama, Big Government, more spending, Over 10%, Unemployment

