Unemployment Spikes in October

   

Posted: Nov 18, 2009

The unemployment rate for the United States saw a dramatic spike in October, which translates to even more people facing issues with their personal finances.  

For October, U.S. Department of Labor statistics put the rate of unemployment at 10.2 percent, up almost half a point from September's rate of 9.8 percent and the highest rate since April 1983. The figure represents a loss of 190,000 jobs for October alone, most of which came in construction, manufacturing, and retail trade. Overall, 15.7 million people in the U.S. are having trouble finding a job. 

"Although we lost fewer jobs than we did last month, our unemployment rate grew to over ten percent, a sobering number that underscores the economic challenges that lie ahead," said President Barack Obama.

To help those who are currently unemployed, the president signed a bill that extends unemployment benefits by as much as 20 weeks. The base extension of unemployment benefits is 14 weeks, although people in states with unemployment of 8.5 percent or higher can receive an additional six weeks of benefits.