As per the latest data released by US labor department employers slashed 2,40,000 jobs in October, much higher than analysts expected.

Jobless rate zoomed to a 16 year high (6.5 percent), highest since March 1994.

New report clearly indicates that country is in recession. In September jobless rate was 6.1 percent.

So far this year employers slashed a whopping 12 lakh jobs.

About 10.1 million people were unemployed in October, an increase of 2.8 million over the past year.