The U.S. Department of Labor released the October unemployment rate this morning, marking its first venture above double-digits.

The jobless rate grew from 9.8 percent in September to 10.2 percent nationally – the highest level in 26 years. Last month, employers shed 190,000 jobs and 5.5 million jobs have been lost since October 2008.

President Obama made note of the report in a Rose Garden ceremony to mark the signing of a new law extending federal jobless benefits by up to another 20 weeks. "I can promise I will not let up until Americans that want to find work can find work," the chief executive said.

"There were some reasonably positive elements to the employment report," said Chief Economist Anirban Basu of Associated Builders and Contractors. "The three month average of national job loss is now down to 188,000 – the lowest it has been since August 2008."

Professional and business services, an important indicator of income growth in recent decades, added jobs for the second straight month, and for the first time since December 2007. In addition, temporary jobs, seen as a leading indicator for permanent employment, grew significantly, said Basu.