Unemployment rate reaches double-digits

Title: Unemployment rate reaches double-digits

Published: Fri, 6 Nov 2009

Description: (NECN: Peter Howe, Boston) - A painful milestone in this recession: Double-digit unemployment. New figures released yesterday showed the U.S. jobless rate at 10.2 percent, the first time it's been over 10 percent since 1983 after 22 straight ...

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Automatically Generated Transcript (may not be 100% accurate)

" Begin this evening with a painful milestone in this recession double digit unemployment. The jobless rate in the US now ten point 2% the first time it's been over 10%. Since 1983. Sixteen million Americans are out of work. Vista's reporter Peter hop joins us fear. Ethics -- 4% increase in the unemployment rate between September and October. As another 190000. Jobs realized all across the economy that especially hard -- manufacturing construction. Retail financial services the situation as some crying out for more government help. And also experts warning inside this big bad number. Are especially discouraging indications of how tough this economy is for those without a college degree. "

" Weighing. Around. The."

" They call themselves the raging grannies adding your voice is to a Boston protest demanding more help for the poor and jobless. It was a protest coinciding with a landmark announcement. US unemployment has now cracked double digits reaching ten point 2%. The highest level seen since April 1983. And now expected to peak at ten point five this winter the sobering number that underscores. The economic challenges require that region -- Marguerite Rosenfels with the jobs for all coalition."

" There are about six people -- jobs for every one job. Opening it isn't really really a travesty."

" People were laid off can't find. These -- These are the people that need the bailouts and not the the."

" It then Paul Harrington is a Northeastern University labor market expert. He sees in the data how people would less than a college degree especially high school dropouts are suffering the worst job losses."

" Losses are exclusively concentrated among people under the under the both who are on the it's point five have few years of school. And that among people with a college degree over the age of 25 deployment is actually growing there."

" Currently except for Rhode Island. Unemployment in every New England state is about 123. And a half percent below the national average so much into it and doing better than the nation on unemployment. Two big reasons are things that we don't have. First lot of dependence on jobs in the auto manufacturing industry. And secondly the kind of crash in housing and hasn't construction. It's been such an economic disaster in states like Florida Arizona and Nevada. Still all around the nation many are facing protracted. Record unemployment."

" The average person it's out of work on the official on what statistics. Has been out of work six months -- the situations are historical highs."

" Check. It."

" Sort of makes you wanna sing economy what you grow economy when you grow but seriously on the unemployment front as we reported here last night President Obama today. Signed an extension of how -- Americans who can collect unemployment benefits adding an additional fourteen to twenty weeks. In states like Massachusetts and Rhode Island where unemployment is over eight point 5%. Was out of work will now be eligible for unemployment checks for up to 99. Weeks. 86 weeks and other states where joblessness is less dire it is the fourth time in this recession that congress has extended benefits especially about two million people potentially losing them. As the holiday season arrives RD Peter any projections and just how bad this might get -- and then when it's over. Well I had a big kind of consensus estimate among economists today as it probably peaks at about ten point 5% so there's another should zero point 3% to go with the rate. But. Did the idea of just come back quickly is there there's not a lot of hope for that. And expectation that unemployment rate probably is still at or over 9% come next November 2 -- a lot of things for the congressional elections next year. Peter I think it."

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