US unemployment rate continues to rise

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Official data released in the United States show that unemployment rate continues to rise in the country with the figure standing at 7.9 percent last month.
According to a report released by the federal Bureau of Labor Statistics on Friday, the nation’s unemployment rate rose 0.1 percent in October from 7.8 percent in September.

The report further pointed out that the government needs to add at least 250,000 jobs in each and every month to turn the economy around.

Recent reports show that the number of Americans applying for unemployment benefits also rose last month.

According to the data, jobless claims in the United States increased by 46,000 to 388,000 in the week that ended October 13, from a revised 342,000 the prior period.

Experts say economic growth is not likely to get much better for the rest of this year and expect it to grow at a roughly two-percent pace which is typically too weak to create enough jobs to lower the unemployment rate.

 

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