The U.S. Department of Labor released the latest unemployment numbers, which have now finally hit the double digits and broken the "10% psychological barrier"—October's unemployment rate is 10.2%, the highest since April 1983, with employers cutting a "deeper-than-expected 190,000 jobs."
Some more details from the DOL: "Among the major worker groups, the unemployment rates for adult men (10.7 percent) and whites (9.5 percent) rose in October. The jobless rates for adult women (8.1 percent), teenagers (27.6 percent), blacks (15.7 percent), and
Hispanics (13.1 percent) were little changed over the month. The unemployment rate for Asians was 7.5 percent, not seasonally adjusted."
Bloomberg News says this "underscor[es] why Federal Reserve policy makers say interest rates will remain low until the labor market recovers." And, according to the NY Times, "While the pace of the job losses has slowed significantly since the peak of the recession last winter, the unemployment rate, which measures the number of people actively seeking work, continues to climb, and economists do not foresee relief until well into next year."