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U.S. unemployment rate surges past 10%
Published November 6, 2009 - BizTimes Daily
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The U.S. unemployment finally rate rose by more than economists had expected in October to 10.2, its highest level in more than 26 years.
The unemployment rate stood at 9.8 percent in September.
Non-farm payrolls fell by 190,000 in October, with the largest job losses coming in the construction, manufacturing and retail trade sectors, according to the latest estimates by the U.S. Department of Labor.
Among the major worker groups, the unemployment rates for adult men (10.7 percent) and whites (9.5 percent) rose in October. The jobless rates for adult women (8.1 percent), teenagers (27.6 percent), Blacks (15.7 percent), and Hispanics (13.1 percent) were little changed over the month. The unemployment rate for Asians was 7.5 percent, not seasonally adjusted.
An alternative gauge of unemployment, which includes discouraged workers and those forced to work part-time, rose to 17.5 percent, the highest on record dating to 1995.
Locally, only four of 20 Milwaukee-area business activity indicators pointed upward in September vs. year-ago levels, down from the five improvements posted in August, according to the latest monthly report by the Metropolitan Milwaukee Association of Commerce (MMAC).
"The employment situation in the metro area may have deteriorated a bit in September," said Bret Mayborne, economic research director for the MMAC. "September's year-over-year job decline matched the steepest of the recession and nine of 10 major industry sectors posted employment declines."
Metro Milwaukee's seasonally unadjusted unemployment rate reached 8.5 percent in September. Wisconsin's jobless rate at 7.7 percent measured lower than both the local and national rates.
Employment levels in the Milwaukee area fell for the 17th consecutive month on a year-over-year basis.
