by wildcherry on Friday, November 6th, 2009 | Business, News | No Comments

The latest unemployment numbers shows nearly 16 million people can’t find jobs even though the worst recession since the Great Depression has apparently ended.

NEW YORK (Reuters) - The household unemployment rate rose to 10.2 percent, highest in 26-1/2 years, as employers shed 190,000 in nonfarm payrolls in October, the Labor Department said on Friday.

KEY POINTS: * The Labor Department said the unemployment rate was the highest since April 1983. * Analysts polled by Reuters had expected payrolls to drop by 175,000 and the jobless rate to edge up to 9.9 percent from 9.8 percent in September.

* The labor market is being watched for signs whether the economic recovery that started in the third quarter can be sustained without government support. The economy grew at a 3.5 percent annualized rate in the July-September period, probably ending the most painful U.S. recession in 70 years.

* Payrolls have declined for 22 consecutive months now, throwing 7.3 million people out of work since December 2007, when the recession started.

Tags: 16 million people cant find jobs, 16 million people unemployed, 1983, department of labor, Job Market, Job Numbers, Jobless Rate, Part-Time Jobs, Unemployment Rate, Unemployment Statitistics