Jobless rate tops 10% for first time since '83
(AP) - The unemployment rate has surpassed 10 percentfor the first time since 1983 - and is likely to go higher.
Nearly 16 million people can't find jobs even though the worstrecession since the Great Depression has apparently ended. TheLabor Department says the economy shed a net total of 190,000 jobsin October, less than the downwardly revised 219,000 lost inSeptember.
But the loss of jobs exceeded economists' estimates. It's the22nd straight month the U.S. economy has shed jobs, the longest onrecords dating back 70 years.
Counting those who have settled for part-time jobs or stoppedlooking for work, the unemployment rate would be 17.5 percent, thehighest on records dating from 1994.
The jobless rate rose from 9.8 percent in September.