WASHINGTON (AP) - Analysts knew Friday's unemployment report would show more deterioration in the economy. But it was worse than many thought.
The Labor Department says the jobless rate rose to a 14-year high of 6.5 percent in October. The contraction in payrolls is more severe than thought, with 240,000 jobs lost. September's losses were revised higher to 284,000.
So far this year, some 1.2 million jobs have been lost by the government's count.
President Bush said the figures reflect "the difficult challenges confronting the economy" and urged patience.
Factories saw 90,000 jobs lost, while construction cut 49,000 jobs and retailers lost 38,000. The areas with gains were government, education and health care.
Economists predict the unemployment rate will continue to climb in the months ahead.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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