U.S. unemployment at 14-year high

U.S. unemployment is at its highest level in over a decade, according to the Financial Times. Unemployment for October rose to 6.5 percent, passing economists' expectations of 6.3 percent. Total job losses for the year are 1.2 million, the Times reports.

Jobs were cut from manufacturing, retailing and financial services sectors as demand fell at home and abroad for goods and services, the Times writes. President-elect Obama was meeting with his top economic advisers in Chicago on Friday to discuss a way to tackle the crisis, which has emerged as the new administration's first priority when it takes office in January.