The national job market is in worse shape than previously thought.
The federal government says the economy lost 240,000 jobs in October and has revised the September loss higher to 284,000.
The U.S. Labor Department says the combined loss of more than half a million jobs in the past two months pushed the unemployment rate for October to 6.5 percent, the highest in 14 years.
Average analyst estimates had forecast U.S. nonfarm payrolls would decline 200,000 in October and had said the unemployment rate would increase to 6.3 percent from September’s 6.1 percent. - Portland Business Journal
This might sound really wrong, but doesn't having a certain level of unemployment keep wages up for workers? Don't worry, though, I do think we should always strive to lower the rate.