Jobless Rate Rose In Almost Half of Metro Areas

yahoo.com
Unemployment worsened or stayed the same in most metro areas in October, the Labor Department said Wednesday, as jobs remained scarce nationwide.

The report comes a day before the Obama administration is to hold a "jobs summit" at the White House that will gather economists, academics and corporate executives to consider how the government can spur job creation.

The jobless rate rose in 162 of the 372 metro areas tracked by the Labor Department. The rate was unchanged in 42 areas. It dropped in 168 areas.

In September, unemployment had improved in 223 areas and worsened in only 123. The deteriorating trend mirrors the U.S. unemployment rate, which jumped to 10.2 percent in October from 9.8 percent in September.

The metro unemployment data isn't seasonally adjusted and is therefore volatile from month-to-month. All 372 areas reported higher unemployment rates in October compared with the previous year.