The October employment report is in and it’s a shocker.
The unemployment rate jumped to 10.2 percent, the highest since April 1983 when it was also 10.2 pct. If you don’t want to do the math, that was 26 years ago. It was worse than expectations for 9.9 percent.
This is not good news for President Barack Obama who is struggling to pull the economy out of the worst recession since the Depression.
The employment numbers were also worse than expected with October payrolls falling 190,000, a bigger drop than the 175,000 decline expected.
It’s a day of mourning at Fort Hood in Texas after an Army psychiatrist went on a shooting rampage that killed 12 soldiers and one civilian and wounded 30.
“It’s difficult enough when we lose these brave Americans in battles overseas. It is horrifying that they should come under fire at an Army base on American soil,” President Barack Obama said yesterday.