240,000 Jobs Lost in October

In October alone, the U.S. economy lost 240,000 jobs bringing the unemployment rate up to 6.5 percent - the highest in 14 years. The statistics are disheartening:

• 1.2 million jobs were lost during the past 10 months;
• More than 10 million people are  without jobs and looking for a new one;
• Manufacturing lost 90,000 jobs, construction lost 49,000 jobs, retail lost 38,000 jobs and professional and business service companies shed 45,000 jobs; and
• The number of people receiving unemployment benefits is at a 25 year high.

It’s a good thing Obama is meeting with his economic team today because some economists believe the unemployment rate will be even higher by the time he takes office in January.