Economic Reovery Takes Major Hit: Unemployment over 10 Percent

Any economic recovery took a major hit this morning when it was announced that October unemployment rate went over 10%, to the highest point since 1983. For many this may come as a surprise, but for those following closely this should act as nothing more than confirmation that things are bad. Recently a hospital in my area cut a number of nursing jobs, something almost unheard of.

President Obama is clearly stumbling, after declaring that the unemployment would not go over 8%. It will be interesting to watch his approach over the next year. For many investors, they are waiting for some sign from the president as to which direction he is leading the nation. Nothing kills an economic recovery more than the unknown and that is exactly Obama's lone accomplishment since taking office.