For the first time in 26 years, the unemployment rate has reached the 10 percent mark. The Labor Department says the rate jumped to 10.2 percent last month.

190,000 people lost their jobs in October, more than economists had expected. There are now 15.7 million Americans who are unemployed.

Economists say the unemployment rate could reach 10.5 percent next year because employers are still reluctant to hire.

On Friday morning, President Obama took action by signing a $24 billion economic stimulus bill, which extends jobless benefits to those who have been hit hard in the economy, as well as incentives to prospective homebuyers. The bill extends unemployment benefits for an additional fourteen weeks.

According to the house majority leader, long-term unemployment is the highest it's been since they started measuring in 1948.
Locally, residents we spoke with say the plan helps, but it's not enough.

"We appreciate it, it's a lifesaver for the immediate situation but we need some kind of swifter addressing to the overall problem and that's unemployment alone," unemployed John Garner said.

Area unemployment rates:

• Virginia: 6.6 percent
• Danville: 13 percent
• Lynchburg: 7.7 percent
• Roanoke: 8.6 percent.
• Amherst Co.: 7.0 percent
• Appomattox Co.:6.7 percent
• Bedford: 8.9 percent
• Bedford Co.: 6.2 percent
• Campbell Co.: 6.6 percent
• Franklin Co.:7.8 percent
• Halifax Co.:11.5 percent
• Martinsville: 20 percent
• Pittsylvania Co.: 10.3 percent
• Salem: 6.3 percent

 

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