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US jobless rate rises to over 10% US jobless rate rises to over 10%
(30 minutes later)
The US economy lost 190,000 jobs in October, according to the latest figures from the Labor Department. The unemployment rate in the US rose to 10.2% in October, which was its highest rate since April 1983, according to figures from the US Labor Department.
The higher-than-expected figures took the jobless rate from September's figure of 9.8% to 10.2%, which was the highest level since April 1983. It rose from September's figure of 9.8%. The economy lost 190,000 jobs in the month.
The number of unemployed people rose 558,000 to 15.7 million. The number of unemployed people rose by 558,000 to 15.7 million.
Since the recession began in December 2007, the number of unemployed has risen 8.2 million, while the jobless rate has risen 5.3 percentage points. Since the recession began in December 2007, the number of unemployed has risen by 8.2 million, while the jobless rate has risen from 4.9%.
But there was some better news with the revision of September's figure from a loss of 263,000 jobs to a loss of 219,000 jobs.But there was some better news with the revision of September's figure from a loss of 263,000 jobs to a loss of 219,000 jobs.
The figures were particularly shocking following Thursday's news of a fall in initial weekly jobless claims and the data earlier in the week that showed the US economy had grown 3.5% between July and September. 'Disappointing'
The figures were particularly poor given Thursday's news of a fall in initial weekly jobless claims and the data earlier in the week that showed the US economy had grown by 3.5% between July and September.
"It's pretty disappointing overall," said Richard Franulovich, senior currency strategist at Westpac in New York."It's pretty disappointing overall," said Richard Franulovich, senior currency strategist at Westpac in New York.
"Job losses are not moderating as quickly as I had hoped despite those earlier indicators on jobs.""Job losses are not moderating as quickly as I had hoped despite those earlier indicators on jobs."
The dollar fell against both the euro and the yen following the release of the figures.The dollar fell against both the euro and the yen following the release of the figures.
Long-term unemployed
The sectors contributing the largest numbers of job losses in October were construction, manufacturing and retail.
It was the 22nd month in a row that the US economy had shed jobs, which is the longest run since records began 70 years ago.
There is concern that rising unemployment could scupper the recovery by restricting consumer spending, which accounts for 70% of the economy.
The number of people who had been out of work for at least six months rose to a record 5.6 million, accounting for 35.6% of the jobless total.