ECONOMY
Unemployment highest in 26 years
Obama calls it "a sobering number that underscores the economic challenges that lie ahead."
Garden of Healing®
The Star Raconteur™
CHICAGO, IL
The Economy relapsed Friday with a return to double-digit unemployment for the worst joblessness since the Great Depression.
As the unemployment rate surged to 10.2 percent in October, it suddenly seemed possible that the nation might yet have to buckle down for even more bad news.
In the six decades since the government began compiling such data, the highest level of unemployment came at the end of 1982, when it hit 10.8 percent.
President Barack Obama called it "a sobering number that underscores the economic challenges that lie ahead."
Obama signed a measure to extend unemployment benefits and extended a tax credit for homebuyers.
Despite the widespread assumption that the recession has already ended, and even as the economy has resumed growing, the government’s latest snapshot of the labor market released Friday testified to the uncomfortable truth that expansion had yet to translate into jobs.
The sharp rise in unemployment — which climbed from 9.8 percent in September, as the nation lost another 190,000 net jobs — intensified pressure on the Obama administration to show results from the $787 billion package of spending measures unleashed early this year to spur the economy.
Unemployment at 11 percent would be a post-World War II record.
One faint sign of hope: Temporary employment grew by 33,700 jobs, its third straight month of gains after steep losses this year.
Employers are likely to add temporary workers before hiring permanent ones.
© 2009 The Garden of Healing® Company. The Star Raconteur™. All Rights Reserved.
Unemployment highest in 26 years
Obama calls it "a sobering number that underscores the economic challenges that lie ahead."
Garden of Healing®
The Star Raconteur™
CHICAGO, IL
The Economy relapsed Friday with a return to double-digit unemployment for the worst joblessness since the Great Depression.
As the unemployment rate surged to 10.2 percent in October, it suddenly seemed possible that the nation might yet have to buckle down for even more bad news.
In the six decades since the government began compiling such data, the highest level of unemployment came at the end of 1982, when it hit 10.8 percent.
President Barack Obama called it "a sobering number that underscores the economic challenges that lie ahead."
Obama signed a measure to extend unemployment benefits and extended a tax credit for homebuyers.
Despite the widespread assumption that the recession has already ended, and even as the economy has resumed growing, the government’s latest snapshot of the labor market released Friday testified to the uncomfortable truth that expansion had yet to translate into jobs.
The sharp rise in unemployment — which climbed from 9.8 percent in September, as the nation lost another 190,000 net jobs — intensified pressure on the Obama administration to show results from the $787 billion package of spending measures unleashed early this year to spur the economy.
Unemployment at 11 percent would be a post-World War II record.
One faint sign of hope: Temporary employment grew by 33,700 jobs, its third straight month of gains after steep losses this year.
Employers are likely to add temporary workers before hiring permanent ones.
© 2009 The Garden of Healing® Company. The Star Raconteur™. All Rights Reserved.
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