Unemployment still rising in the U.S.
Job Losses Rise in June as Unemployment Reaches 9.5%
The pace of job losses quickened in June after slowing just a month earlier, casting a shadow over the Obama administration’s attempts to stanch months of declines in the labor market.
The American economy shed 467,000 jobs last month, and the unemployment rate rose to 9.5 percent from 9.4 percent, the Labor Department reported on Thursday. Job losses were widespread among the construction, manufacturing, and business and professional services sectors.
The losses were sharply higher than economists’ expectations of 365,000 lost jobs.
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467K Jobs Cut in June; Jobless Rate at 26-Year High
Employers kept slashing jobs at a furious pace in June as the unemployment rate edged ever closer to double-digit levels, undermining signs of progress in the economy, and making clear that the job market remains in terrible shape.
The number of jobs on employers’ payrolls fell by 467,000, the Labor Department said. That is many more jobs than were shed in May and far worse than the 350,000 job losses that economists were forecasting.
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U.S. unemployment rate at 9.5%, a 26-year high
In June, 467,000 jobs are lost; analysts had predicted 350,000. Despite positive signs for the economy in recent weeks, the report is evidence that the jobs market remains troubled.
