November 7, 2009Seeking to Grow Jobs, Not the DeficitMoira Herbst, BusinessWeek | ||||||
The national unemployment rate for October reached 10.2 percent, the highest level since 1983. An estimated 16 million Americans are out of work. Justin Sullivan/Getty Images A greater-than-expected rise in the October U.S. unemployment rate, released Nov. 6, makes all the more clear that the U.S. could be facing a painful jobless recovery. At 10.2%, the jobless rate has increased 3.6 percentage points from a year ago. It has doubled since March 2008. With every uptick in the unemployment rate, Congress and the Obama Administration face more pressure to bolster job growth. They are also under constant criticism for the high level of federal spending and rising federal budget deficit—especially from Republicans, but also from... TAGGED: deficits, unemployment, Moira Herbst RECOMMENDED ARTICLES
| ||||||