Unemployment has hit 10.2 percent in the United States, according to an article in the New York Times.

This is the highest it has been in 26 years.

The United States Labor Department reported on Friday, Nov. 6 that another 190,000 jobs were lost in October.

In the United States, one out of every 10 people of the workforce are unemployed.

While economists say things are getting better, employers will likely still be wary to hire for at least into the middle of next year and perhaps longer.

According to the article, Republicans speculate that increased joblessness is a result of the Obama administration’s $787 billion stimulus package aimed at jump-starting the economy. At the same time, some Democrats are calling for another round of spending to help create more jobs.

An economist commenting on National Public Radio this week, said the unemployment rate is really more like 16 percent when you include people who are unemployed that have not filed for unemployment or who are “underemployed:” those who wish to work full-time but can only get part-time work.

“People are hurting, but if you can get past the sticker shock of the unemployment rate and look at the guts of the report, they are still very consistent with a recovery,” said Michael T. Darda, chief economist at the research and trading firm MKM Partners in the New York Times. “We’re getting very close to the peak unemployment rate.”

At last, some hope for the ailing steel industry.

Steelmakers are counting on improved demand for steel to revive the industry, which has suffered because of a demand slump from key consuming markets in auto and construction.

On a global scale, world steel production experienced a depression by 22% at 449.2 million tons for the first five months this year. This is a far cry from production levels in 2007, which was 1.35 billion tons, with China accounting for 40% of global production.

When the economic slump hit in mid 2008, the industry bore the brunt as the auto and construction industry experienced severe losses because of all-time declines in demand.

Hopes are rekindled, albeit small, as steel producers in the United States and Europe received more orders within the past month, setting off a resumption of manufacturing activity.

No.1 steelmaker ArcelorMittal, which operates in the United States and Brazil, earlier announced it will put some of its idle capacity back to work. U.S. Steel Corp. echoed the same plans.

However, companies are exercising caution as full recovery is months away. Though there is some improvement in demand, real demand for steel remains to be seen.

Consultancy firms that advise industry leaders are looking at a rocky road to recovery for steel. John Lichtenstein of Accenture commented that increased production carried with it the risk of price increases, as it will eventually overwhelm real demand.

Several European producers have raised prices, one of them being Thyssenkrupp, Germany’s top producer. Europe’s No. 2 steelmaker Corus also announced intentions to increase their prices.

The industry is poised for slow and prolonged recovery, which according to Daniel DiMicco, CEO of America’s Nucor Corp, will take three years at a minimum.

In the next months and years, DiMicco expects to see an increase in operating activities while others will opt for a restart.