Jobless Rate in U.S. Hits 14-Year High, Economists Predict Continued Rise

According to the U.S Labor Department the jobless rate jumped to 6.5% in October, the highest level of unemployment the country has seen since March 1994.

During the month of October 240,000 jobs were lost as employers continued the trend of cutting back, a trend that has resulted in 1.2 million jobs lost since the beginning of the year.

The latest figures also increased previously reported losses for August and September. Job losses in August were reported at 73,000 but increased to 127,000 while September figures jumped from 159,000 to 284,000.

October’s numbers were worse than first forecasted as economists had predicted a 6.3% unemployment rate and the loss of 200,000. Those same economists have forecasted that unemployment could climb to 8% next year.

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