Shocking US Unemployment Statistics

U.S. September unemployment rate hit the highest level since June 1983 and payrolls had now dropped for 21 consecutive months.

The U.S. Labor Department posted that U.S. employers cut a deeper-than-expected 263,000 jobs in September, lifting the unemployment rate to 9.8 percent. The report fueled fears the weak labor market could undermine economic recovery.

Meanwhile, U.S. factories orders fell 0.8 percent in August, worse than economists' expectation, reported the Commerce Department on Friday. The decline followed a 1.4-percent July increase. Economist had expected that the demand for manufactured goods might grow 0.7 percent in August.

Analysts said that factories will remain under pressure because of weak consumer spending as American households deal with the rising unemployment.