Jobless Rate Jumps to 6.5 Percent

The U.S. unemployment rate jumped to a 14-year high of 6.5 percent in October as another 240,000 jobs were cut, according to the new numbers released by the Labor Department.

The jobless rate rose from 6.1 percent in September, the highest it has been since 1994.

Unemployment has now surpassed the high seen after the last recession in 2001. The jobless rate peaked at 6.3 percent in June 2003, according to the Associated Press.