Unemployment Hits 10.2%

Nonfarm payrolls fell by 190,000 last month, with the largest job losses in construction, manufacturing and retail. Since the beginning of the recession in December 2007, the number of unemployed has increased by 8.2 million. The unemployment rate hit 10.2%, the highest rate in 26 years. The employment picture continues to be very weak and threatens the nascent recovery. Raging bulls claim that employment is always a lagging indicator, which is definitely true. But there is a big difference between recovering from a 6% unemployment rate and a 10% unemployment rate. Zero interest rates don't seem to be doing the trick.