Friday, Nov. 6, 2009

Stock futures drop after unemployment rate jumps

By SARA LEPRO AP Business Writer

NEW YORK (AP) - Stock futures are falling after the government says more jobs were lost in October than expected, pushing the unemployment rate above 10 percent.

The Labor Department says employers cut 190,000 jobs last month, more than the 175,000 job losses economists expected. The unemployment rate jumped to 10.2 percent - the highest since April 1983. Though investors have been expecting unemployment to rise above 10 percent eventually, the increase in October was more than expected.

Dow Jones industrial average futures are down 39 at 9,915, after being up about 15 points prior to the report. Standard & Poor's 500 index futures are down 3 at 1,059, while Nasdaq 100 index futures are down 4 at 1,714.

2009-11-06     13:59:02 GMT

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