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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Top Stories Full Coverage Most Popular Photos Search Search: US jobless rate rises to highest level since 1994 AFP - Saturday, November 8 WASHINGTON (AFP) - - The US unemployment rate rose to its highest level since 1994 in October, the government said Friday, reaching 6.5 percent as the world's largest economy shed jobs amid the credit squeeze and downturn. The US Bureau of Labor Statistics said 240,000 jobs had been cut in October, the 10th straight month of job losses, and it revised sharply higher figures for August and September. These revisions -- 127,000 and 284,000 jobs were lost in August and September rather than the 73,000 and 159,000 estimated a month ago -- helped push up the unemployment rate. The latest data confirm the severity of the economic downturn underway in the United States where months of turmoil on stock markets, tightening of credit and record-low consumer confidence have taken their toll. "Employment has fallen by 1.2 million in the first 10 months," a statement from the bureau said. The figures also underline the challenge for incoming president Barack Obama, who was to meet Friday with his economic team before giving his first post-election news conference. Given the turmoil, all eyes are on the Democrat's nomination for Treasury secretary, with former treasury secretary Larry Summers, ex-Federal Reserve chief Paul Volcker and Laura Tyson, chairwoman of the National Economic Council under president Bill Clinton, in the running for the job. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Enlarge Photo Hundreds of people visit employment booths at a state sponsored job fair in Denver, Colorado. September 2008. The US unemployment rate rose to its highest level since 1994 in October, the government has said, reaching 6.5 percent as the world's largest economy shed jobs amid the credit squeeze and downturn. Most Popular – Top Stories Viewed IMF sees recession in advanced economies in 2009 Among Obama's next challenges: his own security US doctors tell Liu Xiang he needs surgery Obama discusses global financial crisis with world leaders Airline profits nosedive as leaders debate finance crisis View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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