Employment Falls By 190,000 Jobs, Unemployment Rate Jumps To 10.2%

(RTTNews) - Employment fell by more than expected in the month of October, according to a report released by the Labor Department on Friday, with the continued decrease in jobs pushing the unemployment rate up to a new twenty-six year high above 10 percent.

The report showed that non-farm payroll employment fell by 190,000 jobs in October following a revised decrease of 219,000 jobs in September. Economists had expected a decrease of about 175,000 jobs compared to the loss of 263,000 jobs originally reported for the previous month.

With the continued drop in jobs, the unemployment rate jumped to 10.2 percent in October from an unrevised 9.8 percent in September. The unemployment rate had been expected to show a more modest increase to 9.9 percent.

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