Washington: The unemployment rate in the US
skyrocketed to a 26-year-high of 10.2 per cent in October, as
companies continued to trim their workforce to cut costs.
A whopping 190,000 jobs evaporated in the world's largest
economy, last month, mainly in the field of construction,
manufacturing and retail sectors.
The official data showed that unemployment rate shot up
to 10.2 per cent in October from 9.8 per cent in September,
indicating that labor market continues to remain strained.
"In October, the number of unemployed persons increased
by 558,000 to 15.7 million. The unemployment rate rose by 0.4
percentage point to 10.2 per cent, the highest rate since
April 1983," the Bureau of Labor Statistics said in a
statement.
Grappling with the worst financial turmoil in nearly 80
years, a staggering 8.2 million people have turned jobless
since the economy officially slipped into recession in
December 2007.
"Job losses have averaged 188,000 over the past three
months. The declines are much smaller and less widespread than
they were last fall and winter.
"... some industries are still experiencing notable
employment declines. In October, construction lost 62,000
jobs, manufacturing 61,000, and retail trade 40,000," Bureau
of Labor Statistics' Commissioner Keith Hall said.
Bureau Report
First Published: Saturday, November 07, 2009, 09:26