The government reported more grim news about the economy Friday, saying employers cut 240,000 jobs in October - bringing the year's total job losses to nearly 1.2 million.
According to the Labor Department's monthly jobs report, the unemployment rate rose to 6.5% from 6.1% in September and higher than economists' forecast of 6.3%. It was the highest unemployment rate since March 1994.
Economists surveyed by Briefing.com had forecast a loss of 200,000 jobs in the month. October's monthly job loss total was slightly less than September's revised loss of 284,000.
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