U.S. employers cut 240,000 jobs in October, a 10th consecutive decline. The unemployment rate rose to 6.5 percent, the highest level in 14 years, according to Labor Department statistics.
At 12 months, the current contraction is already the longest since the 16-month slump that ended in November 1982, and exceeds the postwar average of 10 months.
The contraction is the second under President George W. Bushâs watch, making him the first U.S. leader since Richard Nixon to preside over two recessions.
