Jobless Nation: Unemployment Hits 10.2%, Highest in 26 Years

The nation’s unemployment rate soared in October to 10.2 percent, the highest rate since 1983, the government announced Friday.

New government report indicates unemployment rate close to 10 percent.

The nation’s employers shed 190,000 jobs from their payrolls over the last month, the Bureau of Labor Statistics said this morning, bringing the total number of jobs lost since the recession started to 7.3 million.

October marked the 22nd month in a row of job cuts as the country has dealt with the worst recession since the Great Depression. There were 15.7 million Americans who sought work last month but were unable to find any.

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