Jobless Rate Bolts To 14-Year High Of 6.5 Percent

By: Associated Press Email
By: Associated Press Email

The government says the nation's unemployment rate bolted to a 14-year high of 6.5 percent in October as employers slashed 240,000 jobs. It was stark proof the economy is almost certainly in a recession.

The new snapshot, released by the Labor Department, shows the crucial jobs market deteriorating at an alarmingly rapid pace.

The jobless rate zoomed to 6.5 percent in October from 6.1 percent in September, matching the unemployment rate in March 1994. Employers have cut jobs each month this year.


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