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Reported by: News Staff Friday, Nov 6, 2009 @12:14pm CST The nation's unemployment rate jumped more than expected in October.
In brief remarks, President Obama called the report "sobering" and vowed not to rest until the long-ailing economy returns to robust growth. He said the pace of job losses continues to slow and cited positive growth trends. Obama argued that his administration has succeeded in stopping an economic "free-fall" that existed when he came into office. The Labor Department said the jobless rate rose by nearly half a percent to 10-point-two-percent last month. It hasn't been that high since April of 1983. Fifteen-point-seven-million people are unemployed in America. About a third of those people have been unemployed for at least half a year. (Copyright 2009 by VERTEXNews/Newsroom Solutions) |