Unemployment Jumps To 9.5%

ADMIN

• July 02 2009
• 123 views
• 1 comment

More than 467,000 people last their jobs in June, driving the unemployment rate up to a 26-year high of 9.5 percent. Results of the Labor Department’s monthly employment report were higher than expected and suggest that we are not of the woods economically yet.

According to The Assoicated Press:

The Labor Department’s monthly employment report 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.

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.