Unemployment rate hits 10.2% nationwide

Today the Labor Department reported that the national unemployment rate increased to 10.2%. This marks the highest unemployment rate since 1983 - a 26-year high.

This chart from chartoftheday.com illustrates the unemployment rate and recessions since 1948 to put the present day's economic situation in historical perspective. We can see an unfortunate trend in recent recessions with the unemployment rate peaking several months after the recession officially ends. This news does not bode well for the state of unemployment over the next 6-12 months.

Comments: 5

Jim Harmon Nov 6, 2009, 1:54pm UTC

There's a major difference between the recession of 1983 and today's. In 1983, globalization was barely what it is today. When the recession ended, companies put Americans back to work. That's not going to happen this time. When the recession ends, American companies are going to put more Asians to work. The American worker will be left out in the cold.

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Prima Donna Nov 6, 2009, 3:07pm UTC

You're correct, Jim. Things will never be the same again. It's up to us to come up with the next best thing. Put our noggins to work on something innovative, focus on green jobs, something we can do better than anyone else. Let's quit complaining and get to it! Call all entrepreneurs ...

Jim Harmon Nov 7, 2009, 6:28am UTC

It would be nice if it were that simple. But let's face facts, the last time an "average American" came up with anything big was a quarter century ago. (I am referring to Bill Gates and his crew - with honorable mention to Jobs and Woz)

CAN it happen? Sure - if you're at the right place at the right time with adequate resources and contacts. Is it likely to happen? No. You're far more likely to win the PowerBall jackpot than be able to turn an idea into a marketable product.

Char H. Nov 10, 2009, 12:29am UTC

I agree Jim, better to prepare either by hoaqrding hard goods to hold on to for hyperinflation, or learn to distibute foreign goods. That's where it's at. Green jobs will be the only blue market job soon, because of so much infrstructure building. And, I guess we may get to build a few of the green products, but probably only the build in place stuff, wind farms, nuclear plants (which they want to build a lot of, wtched the committe on energy hearing the other day), and some wind farms. Auto manufcturers want to get on bd w/alt fuel and higher mpg, but they're behind. Hard to tell what will pick up first.

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TK S Jan 7, 2010, 7:19pm UTC

Asians meaning India since all the jobs (Medical Clerical, customer service etc.)are being sent there and China just makes all the things that you see at Walmart because Walmart would have to charge more for items if they were made in the U.S. Most are not willing to pay that higher retail price for things at Walmart.

Yes, the Asian Americans, Latin Americans, African Americans and European white Americans that immigrated through Ellis Island will have a tough time finding employment because we only know America from living here so long.

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Unemployment rate hits 10.2% nationwide

Comments: 5

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