Jobs tumble, gold climbs
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