President Obama addressed the nation's economy Friday as the jobless rate jumped to 10.2%.

Friday's employment numbers are the worst since april 1983 and reflect another 190,000 jobs lost.

President Obama signed a new bill Friday that extends unemployment benefits an additional 20 weeks for those who qualify.

In a press conference Friday, President Obama stated that,"it's important to note that the bill I signed does not increase our deficit. It is fully paid for so we will be fiscally responsible. The bill is under the Recovery Act that has already saved and created over one million jobs and will lead to even more in the weeks and months ahead."

Every industry from manufacturing to construction to retail to financial felt the hit. Economists predict the jobless rate will continue to tick upward as employers remain reluctant to hire.