Unemployment Rate Climbs

Unemployment Rate (United States) {US} OBSERVATION PERIOD: OCT (Monthly)

ACTUAL : 10.2%

PRIOR : 9.8%

REVISED : - -

SURVEY : 9.9% (Mean: 9.9%, High: 10.1%, Low: 9.8%)


Change in Nonfarm Payrolls (United States) {US} OBSERVATION PERIOD: OCT (Monthly)

ACTUAL : -190K

PRIOR : -263K

REVISED : -219K

SURVEY : -175K (Mean: -175K, High: -105K, Low: -250K)
 

Average Weekly Hours (United States) {US} OBSERVATION PERIOD: OCT (Monthly)
 
ACTUAL : 33.0
 
PRIOR : 33.0
 
REVISED : - -
 
SURVEY : 33.1 (Mean: 33.1, High: 33.1, Low: 33.0)
 
 
The unemloyment rate climed to 10.2% in October, a number not seen in over 26 years. Nonfarm payrolls dropped by 190,000, bringing the total number of jobs lost in the recession to 7.3 million. Economists estimated an unemployment rate of 10%, with 150,000 lost jobs in October. If you include discouraged workers and those forced to work part-time, the estimated rate is 17.5% unemployment.
 
Futures were down slightly after the announcement.