President Barack Obama said the jump in the unemployment rate to 10.2 percent in October was a "sobering" figure that underscored the economic challenges ahead. More sobering news for Wall Street and Main Street on the U.S. economy. The Labor Department reported Friday the U.S. unemployment rate rose to 10.2 percent, the highest level in 26-1/2 years, as employers shed 190,000 jobs in October. At the White House, President Obama said the number reflects the typical lag shown by the labor market as economic growth picks up. President Barack Obama saying: "Although we lost fewer jobs than we did last month, our unemployment rate climbed to over 10 percent -- a sobering number that underscores the economic challenges that lie ahead." To help the growing number of jobless Americans, the President signed a bill Friday that will extend unemployment benefits for the fourth time in 18 months. The bill also extends the popular $8,000 credit for first-time homebuyers that was included in the orginal economic stimulus package. President Barack Obama saying: "So although it will take time and it will take patience, I am confident that our economy will recover, I'm confident that we're moving in the right direction." Republican Congressional leaders are not as patient...arguing that more spending, higher taxes and growing the size of government hasn't worked in stemming job losses in the U.S. economy. Jon Decker, Reuters.