The Bureau of Labor Statistics has announced that the unemployment rate increased from 6.1 to 6.5 percent and nonfarm payroll employment fell by 240,000 in October.
October’s drop in payroll employment followed declines of 127,000 in August and 284,000 in September. Employment has fallen by 1.2 million in the first 10 months of 2008; over half of the decrease has occurred in the past 3 months.
The number of unemployed persons increased by 603,000 to 10.1 million.
In October, job losses continued in manufacturing, construction, and several service-providing industries. Health care and mining continued to add jobs.
Blacks had the highest unemployment rate at 11.1 percent, while Asians’ 3.8 percent was the lowest rate.
In October, the number of long-term unemployed (those jobless for 27 weeks or more) rose sharply by 249,000 to 2.3 million.
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