Unemployment Hits 6.5%

The unemployment rate increased to 6.5% in October (a 14 year high) and payroll employment dropped by 240,000 jobs.

Employment fell in construction, manufacturing, transportation, retail, and financial services, while health care added 26,000 jobs. Payroll employment has fallen by 1.2 million jobs this year. Kimberly Amadeo, About.com Guide to US Economy, notes that there are 1.5 million fewer jobs and 2.8 million more unemployed workers than last year.

This continuing decline in the job market means that, not only are you are more at risk for losing your job, but there is more competition for available jobs. It's important to spend some time checking out the job market, so you know what type of jobs are available for someone with your skills - just in case you have to find one.

If you have already lost your job, here's information on filing for unemployment. It's important to file as soon as possible, and you may be able to file your unemployment claim online.

More: Unemployment Benefits