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Unemployment Rate Reaches 10.2%

The U.S. unemployment rate rose to 10.2% in October, a 26-year high, from 9.8% in September, the Labor Department said last Friday.

Employers trimmed payrolls by 190,000 jobs, following 263,000 cuts in August, Labor said.

Both the rate and the payroll cuts were greater than economists’ forecasts of 9.9% and 175,000, respectively, Bloomberg reported.

Factory payrolls fell by 61,000 jobs, greater than the 42,000 forecast, following a 45,000 reduction in September. Within that category, auto manufacturing and parts industries gained 4,600 jobs.

Payrolls at builders declined 62,000, while service industries cut 61,000 jobs.

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