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November 07, 2008

An Ugly Number

The jobs picture ain't purdy

NEW YORK (CNNMoney.com) -- The government reported more grim news about the economy Friday, saying employers cut 240,000 jobs in October - bringing the year's total job losses to 1.2 million.

According to the Labor Department's monthly jobs report, the unemployment rate rose to 6.5% from 6.1% in September and higher than economists' forecast of 6.3%. It was the highest unemployment rate since March 1994.

Economists surveyed by Briefing.com had forecast a loss of 200,000 jobs in the month. October's monthly job loss total was slightly less than September's revised loss of 284,000.

Posted by Mr. Bingley at November 7, 2008 09:04 AM