Number of people looking for jobs jumps

11/06/2009

Money management may have become more difficult for some in October as the number of people looking for work increased.

The unemployment rate moved up to 10.2 percent in October, marking a stark 0.4 percentage point increase over September. During October, 190,000 jobs were lost, bringing the total number of unemployed people looking for work to 15.7 million. The sectors with the highest job losses included construction, manufacturing and retail.

"At the Department of Labor, we are working tirelessly to ensure that we fulfill our responsibility to provide workers with the assistance they need today and to help them find good jobs," Labor Secretary Hilda Solis said. "We still have a ways to go before we can be sure that all Americans have access to good jobs, but I am confident that we will reach that goal."

Though the economy has seen recent gross domestic product growth of 3.5 percent, members of the Obama administration, and other economic experts, have noted that improvement in the job market will lag behind.

The administration took further measures to try and help people who are facing unemployment. President Obama signed a bill that extends unemployment benefits by as much as 20 weeks.

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