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U.S. unemployment hits 10 percent for first time since 1983

WASHINGTON (AP)—The unemployment rate has surpassed 10 percent for the first time since 1983 - and is likely to go higher.

Nearly 16 million people can’t find jobs even though the worst recession since the Great Depression has apparently ended. The Labor Department said Friday that the economy shed a net total of 190,000 jobs in October, less than the downwardly revised 219,000 lost in September. August job losses were also revised lower, to 154,000 from 201,000.

But the loss of jobs last month exceeded economists’ estimates. It’s the 22nd straight month the U.S. economy has shed jobs, the longest on records dating back 70 years.

Counting those who have settled for part-time jobs or stopped looking for work, the unemployment rate would be 17.5 percent, the highest on records dating from 1994.

The jobless rate rose from 9.8 percent in September.

Locally, the numbers remain worse. The Danville-Pittsylvania County metropolitan area saw an 11.4-percent unemployment rate last month, one… Continue reading

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The economic downturn has prompted people to scale back in a lot of ways.

Nearly 600 state employees will be laid off and state-supported colleges and universities will have state funding cut up to 15 percent in new budget reductions.

The Cash for Clunkers program gave a much-needed shot in the arm to Virginia automobile dealers who have watched their sales slip for nearly two years.

Congress took further steps to right the staggering economy by expanding a popular tax credit for homebuyers and extending unemployment checks for the growing legions of people running out of benefits with few job prospects.