Friday November 7, 2008
Navivest

The Bureau of Labor Statistics of the U.S. Department of Labor reported today released a report, which showed that non-farm payroll employment decreased by 240,000 in October and the unemployment rate jumped to 6.5%, from 6.1% in September.

Economists had been looking for a job loss of 200,000, with the unemployment rate climbing to 6.5%
For the first ten months of the year, the country has lost an astounding 1.2 million jobs and over fifty percent of that has come in the last three months.

We have seen jobs losses with every successive month this year and so far, not only do we not see an end in sight, the problem is actually accelerating.

According to the Labor Department, we saw continuing job losses in manufacturing, construction and several service-providing industries, while the health care and mining industries add jobs.

With the 0.4% jump to 6.5% in the unemployment rate, the number of those that are unemployed climbed by 603,000 and the 6.5% unemployment rate means there are now 10.1 million people without jobs.

Tags: Unemployment Rate  Economy