Unemployment tops 10 percent - Trade Only Today

Unemployment tops 10 percent

Author:
Publish date:

Unemployment rose to 10.2 percent in October, its highest rate since April 1983, the U.S. Department of Labor reported this morning.

It was up from 9.8 percent in September. The largest job losses during the month were in construction, manufacturing and retail trade.

In October, the number of unemployed people stood at 15.7 million. Since the start of the recession in December 2007, the number of unemployed people has risen by 8.2 million, and the unemployment rate has grown by 5.3 percentage points.

The number of long-term unemployed (those jobless for 27 weeks and over) was little changed at 5.6 million. In October, 35.6 percent of unemployed people were jobless for 27 weeks or more.

Click here for the full report.

Related

An eBay for yachts?

While there’s no “buy it now” button, organizers of BoathouseAuctions.com say the website provides a new sales channel for brokers.