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Today’s payroll figures for October show the unemployment rate rose to 10.2%, from 9.8% in September. The unemployment rate is up from 6.8% one year ago. The 10.2% reading is the highest since a 10.3% in March 1983. In the early 1980s, the unemployment rate peaked at 10.8% in November & December 1982.
The nonfarm payrolls figure showed the economy shed 190,000 jobs in October bringing the 3-month average to –188,000 and the 12-month average to –459,000. With the revisions to the previous month’s figures, it now appears the 12-month average has bottomed along with the 3-month average earlier this year.