Unemployment rate jumps to 10.2 percent; highest since 1983 - washingtonpost.com

Unemployment rate jumps to 10.2 percent; highest since 1983 - washingtonpost.com: "More than one in 10 members of the American workforce were unable to get a job in October, the Labor Department said Friday, the first time in nearly three decades that the unemployment rate has soared into double digits.

The unemployment rate rose to 10.2 percent, department said, up from 9.8 percent in September, the highest level since 1983. Employers also continued slashing jobs, though at a slower rate than September, showing that even though the economy is expanding, the job market remains dismal.

The crossing of that symbolic 10 percent barrier is likely to weigh on both the psychology of American consumers and the urgency of efforts in Washington to prop up the job market.

President Obama signed a bill Friday morning to extend unemployment insurance benefits longer, reflecting the rise of long-term joblessness. The bill also extends a first-time home-buyer tax credit and expands it so current homeowners are eligible, and the administration and congressional leaders are both weighing other steps they could take to bolster the job market.

Speaking in the Rose Garden, Obama called the unemployment rate jump to above the 10 percent threshold 'a sobering number that underscores the economic challenges ahead.'

He also said his economic advisers were considering additional public spending to create jobs, which a growing economy continues to shed. Obama said new 'investment' in road and bridge construction, renovations to make buildings more energy efficient, export support for manufacturers, and other ideas are now under consideration.

Any new fiscal stimulus would come on top of the $787 billion mix of spending and tax cuts that Obama pushed through in February. Congressional Republicans, in particular, have called the stimulus package ineffective and will likely cast additional spending as proof they are correct."



This is NOT all Bush's fault Obama has been in charge for a year now.