U.S. unemployment rose .4% or by a net loss of 190,000 jobs in October to reach a 26-year-high of 10.2%. This is the highest rate of joblessness since April 1983. The announcement, made by the Department of Labor on Friday, marks the 22nd straight month of job losses and exceeds economists’ predictions of .1% losses for the month.
Construction, manufacturing and retail have experienced the most severe cuts for October. Also on the rise is the teen unemployment rate, up 1.8% to 27.6% in October.
Those with college degrees on the other hand, have benefitted from the bailout and seen an upswing in employment with the rate falling .2% this month. According to the Obama administration, 640,000 jobs have been created by Federal bailout money in the past month, although mostly in the arena of health care and technology.
For the millions of individuals who have yet to see such relief, Congress voted Thursday to prolong unemployment benefits by as many as 20 weeks, likely in light of average unemployment time hitting nearly 27 weeks.
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