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| Version 1 | Version 2 |
|---|---|
| US jobless rate at 14-year high | US jobless rate at 14-year high |
| (about 3 hours later) | |
| The US jobless rate rose to 6.5% in October, official figures have shown, the highest rate since March 1994. | The US jobless rate rose to 6.5% in October, official figures have shown, the highest rate since March 1994. |
| Figures from the US Labor Department showed US employers cut 240,000 jobs in October, the 10th month in a row that the economy has lost jobs. | Figures from the US Labor Department showed US employers cut 240,000 jobs in October, the 10th month in a row that the economy has lost jobs. |
| The increase means that in the first 10 months of this year, 1.2 million people in the US have lost their jobs. | The increase means that in the first 10 months of this year, 1.2 million people in the US have lost their jobs. |
| US President George W Bush said the figures reflected "the difficult challenges confronting our economy". | |
| "We are in the midst of a global financial crisis, and tight credit markets have made it harder for businesses to borrow the money they need to meet their payrolls, grow, and create new jobs," he said. | |
| "The Federal government has taken aggressive and decisive measures to address this situation." | |
| But he said it would take time for the stimulus measures to have their full impact on the economy. | |
| Revised figures | |
| Some economists predict the jobless rate could climb to 8%, or possibly higher, next year. | Some economists predict the jobless rate could climb to 8%, or possibly higher, next year. |
| Job losses in August and September turned out to be much deeper than initially estimated by the Labor Department. | Job losses in August and September turned out to be much deeper than initially estimated by the Labor Department. |
| Employers cut 127,000 positions in August, compared with 73,000 previously reported, while 284,000 jobs were axed in September, compared with the first estimate of 159,000 jobs. | Employers cut 127,000 positions in August, compared with 73,000 previously reported, while 284,000 jobs were axed in September, compared with the first estimate of 159,000 jobs. |
| The revised figures for September showed the biggest monthly cut in jobs since November 2001. | The revised figures for September showed the biggest monthly cut in jobs since November 2001. |
| Worsening economy | Worsening economy |
| The employment market is much weaker than economists expected. They were forecasting the unemployment rate to climb to 6.3% in October and for payrolls to fall by about 200,000. | The employment market is much weaker than economists expected. They were forecasting the unemployment rate to climb to 6.3% in October and for payrolls to fall by about 200,000. |
| The department said 481,000 people in the US filed new claims for jobless benefits in the last week of October. | The department said 481,000 people in the US filed new claims for jobless benefits in the last week of October. |
| On Friday, car giant Ford announced plans for more job cuts after reporting third quarter operating losses of $2.98bn. The firm it would cut its salary costs by an additional 10% by the end of January 2009. | On Friday, car giant Ford announced plans for more job cuts after reporting third quarter operating losses of $2.98bn. The firm it would cut its salary costs by an additional 10% by the end of January 2009. |
| Racing to assemble his new Democratic cabinet, President-elect Barack Obama will meet with economic advisers later on Friday. His team has been in close contact with the Bush administration to pave the way for a smooth handover of power. | Racing to assemble his new Democratic cabinet, President-elect Barack Obama will meet with economic advisers later on Friday. His team has been in close contact with the Bush administration to pave the way for a smooth handover of power. |
| All the economy's woes - a housing collapse, mounting foreclosures, hard-to-get credit and financial market upheaval - will confront Mr Obama when he assumes office early next year - and the employment situation is likely to get worse. | All the economy's woes - a housing collapse, mounting foreclosures, hard-to-get credit and financial market upheaval - will confront Mr Obama when he assumes office early next year - and the employment situation is likely to get worse. |
| In the 1980-1982 recession, the unemployment rate rose as high as 10.8% before coming down. | In the 1980-1982 recession, the unemployment rate rose as high as 10.8% before coming down. |