Beverly Hills 11/21/2009 1:18:50 AM
News / Business

Unemployment Climbs in 29 States

Financial World News Update by Equities Magazine

Unemployment rates climbed in 29 states during the month of October, according to reports from the Labor Department on Friday.  13 states saw improvements while eight remained stable.

 

The continual rise in unemployment may be indicative of the greatest challenge to a recovering economy. The news is disheartening, after September data revealed that Labor in only 23 states has suffered with 19 states improving and eight reporting no change.

 

Friday's state-by-state jobless data came two weeks after the Labor Department reported the unemployment rate for the whole country climbed in October to 10.2%, a 26-year high.

 

Persistent frailty in the labor market endangers economic recovery from the lowest point in the recession.  "The best thing we can say about the labor market right now is that it may be getting worse more slowly," said Federal Reserve Chairman Ben Bernanke.

 

While the whole nation suffers through weak employment, Michigan has consistently experienced the worse numbers, reaching 15.1 percent for October. Nevada is close behind Michigan at 13 percent.

 

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