Unemployment Rate At 6.5% In U.S

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.

I Think We're In Recession, No?

The jobless rate soared to 5.5% in May from 5% a month earlier, the highest level since late 2004 and the biggest jump in more than two decades. Economists had expected a rise to only 5.1%.

Oil, meanwhile, returned to record territory with a vengeance after an analyst predicted that crude would hit the $150-a-barrel mark by July 4. Crude futures rocketed up $10.75 to settle at $138.54 a barrel, exceeding the record price set about two weeks ago. It was the biggest one-day rise in dollar terms in the New York Mercantile Exchange's history.

Put it all together, and worries resurfaced that consumers would buckle from the double whammy of rising unemployment and soaring gasoline prices. - Los Angeles Times