Unemployment Rate Rises to 10.2%

" Unemployment rate now over 10% ten point 2% to be exact. You factory in a more people who simply stop looking for work and you're looking at more than seventeen -- bonds in Washington with the very latest. --"

" Well -- the president will be making remarks on the jobs report in the next thirty minutes or so so stand by for that the unemployment rate rising to the highest level since April 1983. Ten point 2% up from nine point 8% in September a much greater increase than expected. Let's drill down into the numbers nonfarm payrolls drop a 190000. In October but some better news. For August and September the Labor Department revising its preliminary estimates for those months. Showing net and 91000. Fewer jobs lost than originally reported. Companies have cut seven point three million jobs since the recession began the number of unemployed doubling since the recession began to fifteen point seven million people. Now the labor secretary noting once again that the pace of monthly job losses continues to shrink. Signaling a bottom to job cuts but you said the administration will work harder to spur job creation."

" The presidents after all the cabinet members. To come up with ideas so that we can focus in on job creation and we've been doing it now for the last couple of months. And I know that this is something that is going to be on our minds a -- determine. To bring down that unemployment rate that is high it's unacceptable. "

" Now drilling down into some sectors of the economy the jobs report construction continuing to lose jobs down 62000 and October manufacturing shedding. 61000. Jobs retail trades down nearly 40000. Bad sign their mark Lieberman are. In house economists saying that is not a good optimistic. Outlook for the Christmas season the department stores and others holding back on hiring and take a look at this government. Zero hiring for the month of October but basically that was -- net of 18000. New. Federal jobs created and a loss of 21000. Jobs in local government despite all that stimulus spending that's going to local and state governments. Private education and health care once again the strongest sector for the economy plus 45000 in October. And then we're also looking at this the first significant increase in hiring by temporary service firms since the recession began an additional 34000. Jobs in October some economists have been looking. For hiring. By temp firms as a possible sign of future job creation because if your business owner and you're starting to get optimistic about the economy but you're not so optimistic that you want to hire. You go and hire a -- but if things get better that temp job turns into a permanent full time job and they get back to. Glimmers Peter thank you for that Peter Barnes and Washington."