US Economy : NY consumers lack confidence as national unemployment tops 10%
new york unemployment
New York state consumers, sensitive to high unemployment that now has reached double digits nationally, are feeling less confident about the economy.
A Siena College poll released Friday showed a decline in confidence in October — potentially an ominous sign as the holiday shopping season approaches.
The Siena report came on the same day the U.S. Labor Department said the national unemployment rate rose to 10.2 percent in October from 9.8 percent the month before, the first time the rate has passed the 10 percent threshold since 1982 and the first time it has been in double digits since 1983.
The country lost 190,000 jobs in October and now has seen payrolls shrink for 22 straight months, the longest streak in 70 years.
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