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The Labor Department reported today that the U.S. unemployment rate rose to 6.5% in October, reaching its highest level in 14 years. The rate surpassed prior expectations as employers slashed an additional 240,000 jobs in October, after already cutting 284,000 in September. An astounding 1.18 million jobs have been lost so far this year. Analysts predict the worst economic recession since 1982 and further increases in the unemployment rate to as high as 8.5%. The layoffs are hitting a wide range of industries, with massive losses in factories, manufacturing, construction, financial services, auto dealerships, insurance companies, restaurants and retailers. The turmoil marks a tough start for the Obama administration, though many are expecting some sort of economic stimulus package soon.