November 6th, 2009
U.S. unemployment rate highest in 26 years, at 10.2%
The unemployment rate in the United States reached a 26-year high of 10.2 percent in October, up from 9.8 percent in September, the Department of Labor said Friday.
Americans lost 190,000 jobs in October, according to the department’s monthly report.
The good news? The pace of job losses has slowed significantly since the peak of the recession a year ago.
But the unemployment rate — the percentage of people actively seeking work — continues to rise.
The biggest losses came in construction, manufacturing and retail. Meanwhile, the healthcare industry grew by 29,000 jobs and added another 34,000 temporary positions.
So when will the unemployment rate start to decline? Some are guessing next spring.
But production and profits are on the rise, despite the job losses, indicating that we might be turning around.
For the tech sector, that means that it’s a slow (but upward) haul from here.
Andrew J. Nusca is an associate editor for ZDNet and SmartPlanet.
See his full profile and disclosure of his industry affiliations.
