U.S. Jobless Rate Highest in 14 Years

Nov. 7, 2008
240,000 jobs lost in October

The unemployment rate rose to its highest level since 1994 in October, the government said Nov. 7, reaching 6.5% as the world's largest economy shed jobs amid the credit squeeze and downturn.

The US Bureau of Labor Statistics said 240,000 jobs had been cut in October, the 10th straight month of job losses, and it revised sharply higher figures for August and September.

These revisions -- 127,000 and 284,000 jobs were lost in August and September rather than the 73,000 and 159,000 estimated a month ago -- helped push up the unemployment rate.

"Employment has fallen by 1.2 million in the first 10 months," a statement from the bureau said.

Copyright Agence France-Presse, 2008

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