( Updated with company names that cut jobs in October). WASHINGTON ( TheStreet) -- The unemployment rate jumped to its highest level in 26 years in October, even as job losses continued to moderate. The Labor Department said the U.S. economy lost 190,000 jobs last month, the 22nd straight month of declines. The consensus expectation was for a loss of 175,000 jobs.
In another positive, the August job loss total was revised lower to 154,000 from 201,000. Meanwhile, September's job loss total was revised to 219,000 from 263,000. During October, goods-producing employment continued to trend downward, contracting by 129,000 last month. Construction employment declined by 62,000 and manufacturing employment slid by 61,000. Meanwhile, service-providing employment fell by 61,000 in September. Retail trade accounted for 40,000 of that decline, while employment in education, health care and business services rose. Immediately following the employment report's release, U.S. stock futures plummeted while bond yields fell as well. The 10-year note was lately up 13/32 in price, dropping the yield to 3.47%, while the 30-year bond jumped 15/32 in price to yield 4.37%. Several companies announced job cuts in October, including Boeing ( BA), Sun Microsystems ( JAVA), Comcast ( CMCSA), News Corp. ( NWS), AMR ( AMR), U.S. Airways ( LCC) and Bristol-Myers Squibb ( BMY). -- Written by Robert Holmes in New York. Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.