U.S. Unemployment Jumps Above 10%

11-09-2009

The U.S. Department of Labor released October unemployment data on Friday that showed the unemployment rate at 10.2%, with the U.S. economy shedding some 190,000 jobs last month. According to Bloomberg, the job losses surpassed analyst estimates of 175,000, and have brought the unemployment rate to a 26-year high, up from 9.8% in September.

The monthly rate of job losses has decreased substantially from January’s peak of 741,000 jobs lost and October posted the lowest monthly total since August 2008, reports Financial Times.

Click here to read the release from the Labor Department.

Click here to read the report from Bloomberg News.

Click here for additional coverage from Financial Times.