10.2% Unemployment; 190,000 Jobs Lost
Payrolls fell by 190,000 workers last month, compared with
a 175,000 drop anticipated by the median forecast of economists
surveyed by Bloomberg News, figures from the Labor Department
showed today in Washington. The jobless rate gained from 9.8
percent in September and exceeded 10 percent for the first time
Revisions added 91,000 from payroll figures previously
reported for September and August.
Payrolls were forecast to drop 175,000 after an initially
reported 263,000 decline for September, according to the median
estimate of 84 economists surveyed by Bloomberg News. Estimates
ranged from decreases of 250,000 to 105,000.
The jobless rate was projected to rise to 9.9 percent.
Forecasts ranged from 9.8 percent to 10.1 percent.
Monthly losses accelerated after the collapse of Lehman
Brothers Holdings Inc. in September 2008 and peaked at 741,000