The October numbers indicate that the economy lost a net 190,000 private sector jobs. Net government losses were zero; however, losses at the state and local levels, excluding education, continued (-26,600). September net losses were revised down to -219,000 (from 263,000).

While job losses continue, they have slowed considerably during the past three months and advanced reports indicate that GDP grew by 3.5% during the third quarter -- likely foretelling the end of the recession, though widespread job growth will be slow to rebound. Since the recession began in December of 2007, the economy has lost 7.3 million jobs.

The unemployment rate entered double-digit territory in October, increasing to 10.2% and representing a total of 15.7 million people. Black unemployment increased from 15.4% to 15.7%. White unemployment increased to 9.5% and Latinos saw an increase to 13.1%. Construction led job losses in October, losing 62,000 jobs, followed by manufacturing (-61,000) and then retail trade (-40,000). Education and health services (+45,000) and professional and business services (+18,000) added jobs last month.