TBO.com - TBO is Tampa Bay Online

Jobless rate hits 10% for first time since 1983

ADVERTISEMENT

The Associated Press

The Tampa Tribune

Published: November 7, 2009

WASHINGTON - The unemployment rate has hit double digits for the first time since 1983 - and is likely to go higher.

The 10.2 percent jobless rate for October shows how weak the economy remains even though it is growing. The rising jobless rate could threaten the recovery if it saps consumers' confidence and makes them more cautious about spending as the holiday season approaches.

The October unemployment rate, which reflects nearly 16 million jobless people, jumped from 9.8 percent in September, the Labor Department said Friday. Job losses occurred across most industries, from manufacturing and construction to retail and financial.

Economists say the unemployment rate could surpass 10.5 percent next year because employers are reluctant to hire.

Florida had more than 1 million people unemployed in September, the highest on record. The state reported a jobless rate of 11 percent for the month, and Tampa's rate was up to 11.7 percent.

Share this:

Loading Comments...

Email Print

ADVERTISEMENT