Unemployment hits 10.2% for October. What's behind that number?
The Bureau of Labor Statistics reported today that the unemployment rate jumped to 10.2% in October, the highest figure since April, 1983. Of the 190,000 jobs lost, the largest losses were in construction, manufacturing, and retail trade.
Let’s breakdown the numbers:
- The unemployment rate for high school drop outs was 15.5%.
- 4.7% of college graduates were unemployed.
- The jobless rate for high school graduates was 11.2%.
- 10.7% of men 20 and over were unemployed.
- Women 20 and over had an unemployment rate of 8.1%.
- 27.6% of 16 to 19 years were unemployed.
- Jobless rate amongst whites was 9.5%.
- 15.7% of blacks were jobless.
The jobless numbers reflect the need for an education. The unemployment rate amongst college graduates is below 5%, which is considered a fairly healthy rate of unemployment. October’s jobless numbers also reflect that youthful job seekers are the most impacted by the current economic situation, which could lead to an increase in crime. Keep in mind that full time students are considered employed, so that 27.6% for 16 to 19 years does not reflect the jobless rate for high school students looking for a part time job.
It’s obvious why colleges and trade schools are flourishing in this economy.
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