Unemployment Rises To 9.5% As Economy Loses Over 460,000 Jobs In June »
Posted By TimALoftis 4 months, 1 week ago in Business & FinanceWASHINGTON -Employers cut a larger-than-expected 467,000 jobs in June, driving the unemployment rate up to a 26-year high of 9.5 percent, suggesting that the economy's road to recovery will be bumpy.
The Labor Department report, released Thursday, showed that even as the recession flashes signs of easing, companies likely will want to keep a lid on costs and be wary of hiring until they feel certain the economy is on a solid ground.
June's payroll reductions were deeper than the 363,000 that economists expected. However, the rise in the unemployment rate from 9.4 percent in May wasn't as sharp as the expected 9.6 percent. Still, many economists predict the jobless rate will hit 10 percent this year, and keep rising into next year, before falling back.
All told, 14.7 million people were unemployed in June.
If laid-off workers who have given up looking for new jobs or have settled for part-time work are included, the unemployment rate would have been 16.5 percent in June, the highest on records dating to 1994.
Since the recession began in December 2007, the economy has lost a net total of 6.5 million jobs.
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TimALoftis4 months, 1 week ago
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calitennflo4 months, 1 week ago
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Who are these economists ? That word is almost like the word communist was once viewed by some...see communes-# communicate intimately with; be in a state of heightened, intimate receptivity; "He seemed to commune with nature"
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# the smallest administrative district of several European countries
# receive Communion, in the Catholic church
# a body of people or families living together and sharing everything
wordnet.princeton.edu/perl/webwn -
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