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Friday, Nov 6, 2009 @08:04am CST (Washington, DC) -- The unemployment rate jumped to 10.2-percent in October from nine-point-eight-percent as employers cut 190,000 jobs during the month. The Labor Department says unemployment is now at its highest rate since April of 1983 as the total number of unemployed persons increased by more than half a million in October to 15.7-million. Despite the surprising jump, October's non-farm payrolls loss was the smallest since August of 2008. The Labor Department revised job losses for August and September to show 91,000 fewer jobs lost than previously reported. Payrolls have declined for 22 consecutive months, meaning more than seven-million people have lost their jobs since the recession began in December 2007. (Copyright 2009 by VERTEXNews/Newsroom Solutions) |
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