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October job cuts at 240,000; unemployment at 14-year high
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More and more Americans are looking for work.
It's ugly out there, and more and more American workers are experiencing firsthand the depths of the U.S. economy.
Job numbers released today by the Labor Department show 240,000 jobs were lost in October, the 10th straight month of negative numbers.
The nation's unemployment rate is at 6.5 percent, a 14-year high. And October's job cuts bring the 2008 total to 1.2 million jobs lost.
The unemployment rate hasn't been this high since March 1994. And the October numbers came in worse than analysts were forecasting, and some now say they expect the jobless rate to hit 8 percent - or higher - next year.
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