US unemployment hits 14 year high

News out this morning, no wait make that yesterday morning. The U.S. labor market has collapsed in the past three months, shedding 651,000 jobs and driving the unemployment rate to its highest point in more than 14 years.

It has been confirmed that in the month of October alone, non-farm payrolls fell by  240,000, while in September it fell by 284,000. That's over half a million fewer workers working in the space of two months.

In the past six months unemployment has climbed by 2.45 million, the highest increase since 1975.

US unemployment is now at 6.5% with 10.1 million workers looking for work.

Full report is here