Unemployment Hits Double Digits in October
Wednesday, November 11th, 2009Author : Biz2Credit Advisor
The U.S. unemployment rate hit 10.2 percent in October — a 26-year high, according to recent figures from the Labor Department.
The country shed 190,000 jobs in September, even as other economic indicators have pointed to a recovery from the recession. President Barack Obama on Friday signed a bill that would extend unemployment benefits up to an additional 20 weeks and extend the first-time homebuyer tax credit.
Republican critics of the Obama administration are pointing to the double-digit unemployment rate as proof that the $787 billion stimulus package is failing; meanwhile, labor unions and some Democrats are calling for more spending to create jobs, according to the New York Times.
The highest level of unemployment came at the end of 1982, when it hit 10.8 percent, reported the Times.
This article was submitted by Katie Kapler, Director of Online Strategy for Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to katie.kapler@biz2credit.com
Tags: first-time homebuyer tax credit, jobs, Labor Department, labor unions, recession President Barack Obama, recovery, stimulus package, Unemployment, unemployment benefits, unemployment rate
