Unemployment highest since 1994

The
October nationwide unemployment rate hit 6.5 percent, the highest since February
1994, according to Robert Bach, Grubb & Ellis’ chief economist.
Employers have cut about 1.2 million jobs this year, with more than
half of the layoffs in the last three months. Total job losses may
approach 2.7 million this year, and unemployment could reach 7.8
percent, causing the commercial real estate market to further soften in
2009.