BUSINESS INFORMATION - U.S. Unemployment Rate Reaches 10.2 Percent

BUSINESS INFORMATION - U.S. Unemployment Rate Reaches 10.2 Percent
U.S. unemployment rate jumped to 10.2 percent in October because of another 190,000 lost jobs, Labor Department said Friday.

The report highlights the continuing misery in the labor market in an economy struggling to emerge from the recession: the unemployment rate, up from 9.8 percent in

September, was the highest since 1983 but the amount of job loss narrowed to its lowest level in more than one year.

Overall, the monthly reports Department of Labor, one of the best indicators of economic momentum, even worse than expected unemployment rate of 10 percent and lost 175,000 jobs.

But the trend of improvement continues, and the final report was revised down the number of lost jobs in August and September.

Payment of salaries (payrolls) 219,000 non-farm down in August (beating the previous estimate of 263,000) and 154,000 in August (revised from 201,000).

The number of unemployed increased to 15.7 million. Since the beginning of the recession in December 2007, the number of unemployed has increased by 8.2 million, and the unemployment rate has grown by 5.3 percentage points, the Department of Labor says.

Largest job loss during the month was in construction, manufacturing, and retail trade, the report indicates.

Goods production sector shrank at 129,000 jobs Oktobern including 61,000 in manufacturing and 62,000 in construction. The service sector lost 61,000 jobs with 40,000 in retail.

The report showed a moderate increase in employment of business services 18,000 and 45,000 professionals working in education increases. While government employment was flat.