Unemployment Over 10%
The unemployment rate hit a tough milestone last month, reaching 10.2% for the first time in 26 years. Since the start of the recession, payroll employment has fallen by 7.3 million jobs.
In October, non-farm payroll employment dropped by 190,000 jobs. Over the past three months, job losses have averaged 188,000 a month, however, declines are much smaller than they have been - last winter and spring job losses were over 600,000 a month. Among the unemployed, those who have been out of work 27 weeks or more increased to 5.6 million.
On a related note, the Senate and House have now passed unemployment extension legislation. This new extension extends jobless benefits by 14 weeks for every state and an additional 6 weeks, for a total of 20 weeks, in high unemployment states where unemployment is over 8.5%. If you're out of unemployment, or about to run out, check with your state unemployment office for updates on when you'll receive benefits.
More: Unemployment | Extended Unemployment Benefits | Unemployment Rate
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