Job losses came in close to economic estimates in October at -190,000. The national unemployment rate registered at 10.2% and many experts believe it will continue to rise given that it is a lagging indicator of the state of the broader economy. The largest job losses over the month were in construction, manufacturing, and retail trade.

While crossing the 10% barrier was anticipated, and the unemployment rate continues to grow, there are some positive signs. In the month of October, the temporary sector gained nearly 34,000 jobs, the most significant increase since 2006. Healthcare continued to add jobs, with a gain of 29,000 in October. Since the start of the recession, the industry has added over 597,000 jobs.

Construction was the hardest hit industry in October, followed by manufacturing. Unemployment rates varied across education levels once again, ranging from 15.5% for people with less than a high school diploma, to 4.7% for college (or beyond college) graduates. The college educated unemployment rate was an improvement over last month’s 4.9%. The average work week stayed the same as last month’s at 33 hours, but average hourly earnings increased .05 an hour.

SOURCE: Labor Department