The nation's unemployment rate jumped to 10.2% in October from 9.8% in September, the Bureau of Labor Statistics just reported. The jobless rate hasn't topped 10% since 1983. Employers shed 190,000 jobs from their payrolls.
We'll pass along more on this as the news develops. Planet Money follows the economy as well.
Update at 11:15 a.m ET: Christina Romer, chair of the president's Council of Economic Advisors, has issued a statement that says, in part:
"Today's employment report contained both signs of hope for recovery and painful evidence of continued labor market weakness.
"Payroll employment declined 190,000 in October, continuing the steady trend of moderating job loss that began last spring. ...
"(But) having the unemployment rate reach double-digits is a stark reminder of how much work remains to be done before American families see the job gains and reduced unemployment that they need and deserve."
Update at 9:10 a.m. ET: Economist Hugh Johnson tells NPR's Dave Mattingly that while the employment news is disappointing, he does not think the jobless rate will go up much more:
Update at 8:37 a.m. ET. BLS says:
— The largest job losses over the month were in construction, manufacturing, and retail trade.
— The number of unemployed persons increased by 558,000 to 15.7 million.
— About 2.4 million persons were marginally attached to the labor force in October, reflecting an increase of 736,000 from a year earlier. ... Among the marginally attached, there were 808,000 discouraged workers in October, up from 484,000 a year earlier.
— Total nonfarm payroll employment declined by 190,000 in October. In the most recent 3 months, job losses have averaged 188,000 per month, compared with losses averaging 357,000 during the prior 3 months. In contrast, losses averaged 645,000 per month from November 2008 to April 2009. Since December 2007, payroll employment has fallen by 7.3 million.
Economists will likely say that last data — about the trend in job losses — is important. The labor market usually "lags" the rest of the economy. If indeed the recession is easing or perhaps even over, it still could be a while before the labor market picks up. A slowing of job losses could be a sign that things may soon start getting a little better.