Almost 1.2 million jobs have been cut in the U.S. so far in 2008, with unemployment rate spiking
to a 14-year high in October.
The Labor Department reported that employers -- as expected -- cut 240,000 jobs in October, marking
the 10th consecutive month of job losses.
With the job losses, the unemployment rate increased to 6.5 percent (higher than the predicted 6.3 percent),
up from 6.1 percent last month -- and the highest level since 1994.
Even worse, the Labor Department revised figures for September and August -- with job losses much
greater than originally reported. In September, 284,000 jobs were cut (well above the reported 159,000),
while in August, employers cut 127,000 jobs (compared to the 73,000 originally reported).
In just the past three months, more than half a million jobs have been lost as employers
continue to cut back.
Experts are mixed on whether job losses will continue to accelerate to levels not seen since
the 1980s or whether the largest losses are occurring now and future losses will continue,
but at a slower rate.
Job losses continued the same pattern, with manufacturing losing 90,000 jobs,
construction losing 49,000, retail losing 38,000 jobs, professional and business services
losing 45,000 jobs, financial services losing 24,000 jobs, and leisure and hospitality
losing 16,000 jobs.
The only winners -- industries with job gains -- included the government, education, and healthcare.
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