Unemployment Jumps to 10.2%

Companies cut 190,000 jobs last month
By Kevin Spak,  Newser Staff
Posted Nov 6, 2009 7:50 AM CST
In this Nov. 4, 2009 photo, Sonja Jackson, of Detroit, holds a Employment Guide standing in line while attending a job fair in Livonia, Mich.   (AP Photo/Paul Sancya)
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(Newser) – Unemployment cracked the 10% barrier last month, as 190,000 workers lost their jobs, according to Labor Department figures released today. The bigger-than-expected losses bring the rate to 10.2%, a 26-year high. And the underemployment rate, which includes would-be full-timers working part time and those who've given up looking for work, hit a record high of 17.5%. “It is no surprise that consumer confidence is backpedaling, and the outlook for consumer spending is poor,” one economist tells Bloomberg.