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U.S. unemployment at 26 year high
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For the first time since 1983 the U.S. unemployment rate has surpassed 10 percent. A 26 year high and likely to go higher.
The Labor Department said Friday that jobless rate rose to 10.2 percent from 9.8 percent in September. The economy shed 190,000 jobs in October. The largest job losses over the month were in construction, manufacturing and retail trade.
Since the start of the recession in December 2007 the number of unemployed has risen by 8.2 million and the unemployment rate has grown by 5.3 percentage points.
Nearly 16 million Americans can't find jobs. Experts believe counting those who have settled for part-time jobs or stopped looking for work; the unemployment rate would be 17.5 percent.
Many economists worry high unemployment could undermine consumer spending, which accounts for 70 percent of the economy.
Economists say the unemployment rate could climb as high as 10.5 percent next year because employers remain reluctant to hire.
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