The bad news: unemployment has hit double digits for the first time since 1983, and it’s likely to go even higher. October’s unemployment rate officially peaked at 10.2 percent, revealing just how weak the economy has become. Despite the fact that economy is slowly picking up, the rising jobless rate could threaten the recovery even more if it makes consumers wary about holiday gift-giving this season.

The October unemployment rate reflects nearly 16 million unemployed people, which is a significant jump from 9.8 percent in September. The job losses occurred in across the board in most industries—from manufacturing and construction to retail and finance.

This news doesn’t bode particularly well for small businesses, which account for roughly 60 percent of the nation’s jobs. Small business tend to rely on credit cards and home equity lines to keep their cash flow moving, but banks have tightened credit in many of these areas.

The 10.2 percent unemployment rate also does not include unemployed people who have part-time jobs or who have stopped looking for work. If those people were included in the unemployment rate, it would be tipping the charts at 17.5 percent.

However, President Obama said that this news is just another reason why the government needs to step in and create new businesses and foster consumer confidence. Referring to the new legislation that he’s about to sign to provide more benefits to unemployed workers, the President declared that he, “will not rest until all Americans who want work can find work.”

Now, on to the good news! Take a look at these bits of information that were gleaned from the government’s latest report:

• Despite the increase in the unemployment rate, the stock markets have remained relatively unchanged.
• Health care and education added 45,000 jobs
• Professional and business services companies added 18,000 jobs
• The auto industry added 4,600 jobs, its first gain since July
• Temporary employment grew by 33,700 jobs, which is a positive sign because employers are likely to add temporary employees before hiring permanent ones
• Productivity, the amount of output per hour work, has jumped 9.5 percent in the last fiscal quarter

If you’re looking to make sure that you survive the recession with a job intact, getting your degree is the best way to make yourself stand out from the competition. Jobs in health care and education are projected to stay strong because good teachers and medical professionals will always be needed no matter what the economy is like! For those of you who are thinking ahead, going back to school is a great way to ride out the recession, learn some new skills, and earn the salary that you really deserve!