Millions of American’s went to the polls last week to cast their votes for change. Undoubtedly many of those votes were driven by the uncertain economic times that face the country, and given the latest unemployment numbers released by the Labor Department Bureau of Labor and Statistics (BLS) it is not hard to see why.

Employers reduced payrolls by 240,000 in October, sending the national unemployment rate up from 6.1 per cent in September to 6.5 percent, the highest level in 14 years and underlining the size of the task that Barack Obama faces in turning the economy around.

The employment market is much weaker than economists expected. They were forecasting the unemployment rate to climb to 6.3 percent in October and for payrolls to fall by around 200,000.

October’s job losses marks the 10th straight month of payroll reductions bringing the tally this year to 1.2 million, of which 651,000 have come in the past three months. Job losses were widespread. Factories cut 90,000 jobs, construction companies got rid of 49,000 jobs, retailers cut payrolls by 38,000, professional and business services reduced employment by 45,000, financial activities cut 24,000 jobs, and leisure and hospitality axed 16,000 positions.

Economists say the worst is yet to come, which may be even more true if America’s traditional engine of growth – small-business – continues to feel the ever tightening pinch of the credit crunch. NSBA believes that the only way the U.S. economy can bounce back is through the fostering a pro small business environment. Having created more than 93.5 percent of all new net jobs over the last 20 years it is crucial that entrepreneurs have access to the tools and capital they need to continue to grow their business and help strengthen the economy.