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Unemployment Rate Hits 6.5 Percent, Highest in 14 Years

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The nation’s unemployment rate jumped to 6.5 percent, a 14-year high, after 240,000 jobs were cut in October, according to the Los Angeles Times. The Labor Department released the figures last week and revised the number of jobs lost in September to 284,000, up considerably from 159,000. Typically, the economy must create about 100,000 jobs monthly to keep pace with the population growth. In all, more than 1 million jobs were lost this year. Jared Bernstein, a labor economist with the Economic Policy Institute, said the deteriorating conditions for United States workers are likely to intensify calls for Congress to pass another economic stimulus package.

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