The U.S. economy lost more than 240,000 jobs in October, bringing
unemployment to its highest level in more than 14 years, according to
the U.S. Department of Labor. The economy has now lost 1.18 million
jobs since January. The only sectors reporting job gains for October
were government and education/health services. The manufacturing sector
lost 90,000 jobs, the largest single-month loss since July 2003. Other
sectors reporting losses include services (108,000 jobs lost),
construction (49,000), and retail (38,100). The Labor Department also
revised September unemployment figures to 284,000, a sharp rise from
the 159,000 previously reported.
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