Unemployment Jumps to 10.2 Percent in October

By Toni Vranjes

November 6, 2009

The unemployment rate has reached 10.2 percent, as the economy reels from job cuts in construction, manufacturing and retail trade.

The U.S. economy lost 190,000 jobs in October, pushing unemployment to the highest rate since April 1983. Since the recession began in December 2007, the nation has lost 7.3 million jobs.

Last month, employment fell by 62,000 in construction, 61,000 in manufacturing, and 40,000 in retail trade.

However, the overall pace of job losses is easing. Employers cut 29,000 fewer jobs in October than in the previous month, according to the Labor Department.

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