Unemployment Hits 10.2 Percent, Economy Sheds 190,000 Jobs
The unemployment rate crossed 10.0 percent for the first time since early 1983, hitting 10.2 percent in October. The establishment survey showed the economy losing another 190,000 jobs, with most of the job loss in construction and manufacturing.
The October unemployment rate is still below the 10.8 percent peak reached in December of 1982, but the workforce is considerably older now and in age cohorts where workers are less likely to be unemployed. If the workforce had the same age distribution as in 1982 but current unemployment rates for each age cohort, then the unemployment rate would be more than a percentage point higher. The 10.7 percent unemployment rate for men is 0.6 percentage points higher than the 10.1 percent peak in 1982. This is consistent with the massive job loss in construction and manufacturing.