The Labor Department has reported that the jobless rate has gone up from 9.8 percent in September to 10.2 percent in October.
This is the first time since 1983 that the unemployment rate has surpassed 10 percent and could still go up as some industries continue to shed off jobs.
This is the longest time, 22 straight months, that job losses have been reported.
Only very recently government announced that the economy grew at a 3.5 percent annual rate in the July-September quarter, the strongest signal yet that the economy was on the mend, but apparently not enough to spur rapid hiring.
Economists are concerned that continuous high unemployment could further weaken the recovery as it restrains consumer spending, which accounts for 70 percent of the economy.
Reports also said that the number of Americans who have been jobless for six months or longer rose to a record high of 5.6 million.
This could only mean that the worst recession since the Great Depression continues to linger affecting the U.S. economy.
[via dailyfinance.com Image source: AP]
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