WASHINGTON (AP) — The unemployment rate has hit double digits for the first time since 1983 — and is likely to go higher.
The 10.2 percent jobless rate for October shows how weak the economy remains even though it is growing. Rising unemployment also could threaten the recovery if it saps consumers’ confidence and makes them more cautious about spending as the holiday season approaches.
Nearly 16 million people can’t find jobs even though the worst recession since the Great Depression has apparently ended.
The unemployed rate jumped to 10.2 percent, the highest since April 1983, from 9.8 percent in September, the Labor Department said Friday. The economy shed a net total of 190,000 jobs, more than economists had expected.
The number of unemployed hit 15.7 million, up from 15.1 million. The job losses occurred across most industries, from manufacturing and construction to retail and financial. The job-loss total is based on a survey of businesses, separate from a survey of households that produces the unemployment rate.
I think this reminds me of Misery Index which was more than 22% in the Carter Administration. Obama Adminstration in many ways brings back the awful memories of Carter. But then when I think that Carter was a one term president, it brings back the smile on my face. More and more, Obama is likely to be a one term president. Even many of the people this administration has brought back are from the Carter era.