The US Labor Department released figures for unemployment 6 November that showed that the economy shed 190,000 jobs in October, bringing the unemployment rate to 10.2 percent of the workforce, its highest level since 1983. Hopes had been higher yesterday 5 November that the jobs market may be recovering , when the Labor Deptartment showed that labour productivity rose 9.5 percent annually in October, indicating that companies were squeezing more output out of their workers ahead of hiring more. The economy grew at an annual rate of 3.5 percent in the third quarter 2009, officially ending the recession.

Todays figures are psychologically significant. Most observers had anticipated that the jobless rate would reach10 percent, but there were hopes that an improving economy would then begin to increase demand for workers. The pace of lay-offs has slowed appreciably since the beginning of the year, when almost three-quarters of a million people were laid off. New York Times, Reuters, Yahoo News

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