Jobs tum­ble, gold climbs

Weekend Argus (Saturday Edition) - - LIFE -

WASH­ING­TON: US un­em­ploy­ment has sur­passed 10 per­cent for the first time since 1983 – and is likely to go higher.

Nearly 16 mil­lion peo­ple can’t find jobs even though the worst re­ces­sion since the Great De­pres­sion has ap­par­ently ended.

The econ­omy shed a net to­tal of 190 000 jobs in Oc­to­ber.

It’s the 22nd straight month of job losses, a 70-year record.

Count­ing those who have set­tled for part-time jobs or stopped looking for work, the un­em­ploy­ment rate would be 17.5 per­cent, the high­est on records dat­ing from 1994.The job­less rate rose from 9.8 per­cent in Septem­ber.

But the gov­ern­ment said last week that the econ­omy grew at a 3.5 per­cent an­nual rate in the July-Septem­ber quar­ter, the strong­est sig­nal yet of re­cov­ery, but not enough to spur rapid hir­ing.

Gold hit a record high of $1 098.10 an ounce af­ter the un­em­ploy­ment fig­ures were an­nounced. – Sapa-AP

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