US unemployment hits highest rate since1980s

A total of 190,000 jobs were lost in October, raising the unemployment rate from 9.8% in September to 10.2%. October was the 22nd consecutive month of job cuts in the US. Among the worst-hit sectors were construction, which lost 62,000 jobs, manufacturing in which 61,000 positions disappeared, retail culled 40,000 jobs, while the leisure industry, lost 37,000 workers. The figures come despite a $775bn (£468bn) economic stimulus package enacted by President Obama to help the ailing economy. In early trading, the Dow Jones was down marginally by 0.38% to 9967.87.