October Numbers Are In: Jobless Rate is at 14-Year High

November 7th, 2008

The U.S. unemployment rate has just hit a 14-year high after the economy lost another 240,000 in October. Businesses have resorted to slashing jobs after consumers have slowed down swiping their credit cards and forking over cash.

The rate is now at 6.5 percent, the highest percentage since 1994. Many financial analysts expect the unemployment rate will reach 8 percent by the same time next year. In total, the United States has lost 1.2 million jobs since January of this year. Half of those job losses have happened in the last three months.

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