U.S. Unemployment Rate Hits 10.2%, Highest Since April 1983

The U.S. unemployment rate hit 10.2% for the month of October, the highest rate the country has seen since April 1983.

According to the U.S. Labor Department 190,000 jobs were lost in October, less than the 219,000 jobs lost in September following the release of revised figures. While the job loss figure dipped, the unemployment rate rose from 9.8% to the 10.2% figure released on Friday.

That 10.2% unemployment rate includes 5.6 million people who have been without a job for more than six months.

Once again construction, manufacturing and retail were hit hardest in the jobs lost.

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