US Jobs Data Awful; Over 10M People Unemployed

US unemployment shot to a 14-year high of 6.5 percent in October as another 240,000 jobs were cut, stark proof the economy is almost certainly in a recession.

The figures are even gloomier than expected. Analysts had predicted a rise of 220,000 to 6.3%.

The new snapshot, released Friday by the Labor Department, showed the crucial jobs market deteriorating at an alarmingly rapid pace.

Unemployment is now at it's highest level since March 1994, surpassing the high seen after the last recession in 2001.

The report also included revisions to the August and September reports, and they don't make for pretty reading. Employers cut 127,000 positions in August, its says, compared with 73,000 previously reported. And a whopping 284,000 jobs were axed in September, compared with the 159,000 jobs first reported.

So far this year, a staggering 1.2 million US jobs have disappeared. Over half of the decrease coming in the past three months alone.

Over 10 million people are now unemployed in the US, an increase of 2.8 million over the past year.

Welcome to the hot seat Mr. President.