Job losses continue in October

October marked the tenth consecutive month of job losses as employers cut 240,000 jobs, raising the unemployment rate to 6.5 percent, which is the highest level since March 1994, according to Economists were expecting the unemployment rate to rise to 6.3 percent from the 6.1 percent reported in September.

Construction cut 49,000 jobs in October; the manufacturing sector cut 90,000 jobs, which is its largest loss since July 2003; services jobs decreased 108,000; and retail jobs fell 38,100. Government employment and education/health services were the only categories to experience gains, adding 23,000 jobs and 21,000 jobs, respectively.

Overall, the U.S. economy has lost 1.18 million jobs this year.

Economists have said 100,000 jobs need to be created each month to keep up with new workers. However, the economy has lost an average of about 90,000 jobs per month during the past 12 months.

Date : 11/7/2008