240,000 Jobs Lost in October; Jobless Rate Hits 6.5%

Posted on November 7, 2008

The latest jobs report from the U.S. Department of Labor has the jobless rate at 6.5%. 240,000 jobs were lost in October and the September job cuts were revised to 284,000 jobs. A total of 1.2 million jobs have been lost this year. October marked the 10th straight month of payroll reductions.

It may be a while before we see a month with an increase in jobs as big companies like Merck, Yahoo, PepsiCo, Mattel, GM and Whirlpool have all already announced plans to layoff workers in 2009. The complete jobs report can be found here.

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