Updated 11/08/2008 02:23 AM
Soaring Unemployment May Signal True Recession
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The Dow Jones Industrial Average rose Friday after futures climbed Friday morning, but a poor expected jobs report has economists saying that the country is in a recession.
The Dow Jones closed with a gain of 248 points, while the Nasdaq rose 38 points.
The government reported that the nation's unemployment rate bolted to a 14-year high of 6.5 percent in October as employers eliminated 240,000 jobs.
Ford Motor Company announced it will slash 10 percent of its North American work force after a third-quarter loss of $129 million.
So far this year, the nation has seen a staggering loss of 1.2 million jobs and unemployment has now surpassed the high seen after the last recession in 2001.
On Thursday the Labor Department reported the number of people collecting state unemployment benefits reached its highest level in 25 years.
The rise in stocks came after the Dow Jones fell more than 400 points over the previous two days.