Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Ferguson and race relations in the US

Read more

DEBATE

Hollande and Africa: French President Speaks to France 24

Read more

FOCUS

Thiaroye: a dark chapter in France and Senegal's common history

Read more

THE BUSINESS INTERVIEW

The 'Stagnation Trap', with Catherine Mann, Chief Economist at OECD

Read more

ENCORE!

'An American in Paris', a truly transatlantic collaboration

Read more

BUSINESS DAILY

Oil prices 'could fall further' without OPEC output cut

Read more

IN THE PAPERS

How not to argue over Thanksgiving dinner

Read more

IN THE PAPERS

Just how green is François Hollande?

Read more

WEB NEWS

USA: African Americans call for boycott of 'Black Friday'

Read more

Business

US jobless rate at 9.5%, highest since 1983

Video by Jean-Rémy BAUDOT , Luke BROWN

Text by NEWS WIRES

Latest update : 2009-07-03

Employers cut a larger-than-expected 467,000 jobs in June, driving the unemployment rate up to a 26-year high of 9.5%.

Reuters - U.S. employers cut 467,000 jobs in June, far more than expected, while the unemployment rate rose to 9.5 percent, the government said on Thursday in a report that showed a labor market continuing to struggle with a deep recession.

The June job losses were more than 100,000 greater than the 363,000 consensus of Wall Street economists polled by Reuters and broke a four-month trend of moderation in job losses.

The Labor Department data showed that in April and May, 8,000 fewer jobs were lost than previously reported. The May job losses were revised downward to 322,000, while the April losses were revised upward to 519,000.

The jobless rate of 9.5 percent compares with 9.4 percent in May and was the highest since a matching unemployment rate in August 1983. Analysts had expected the rate to rise to 9.6 percent.

While job losses in June were spread across all sectors, the June figures showed the steepest declines in services, which fell 244,000 after a 107,000 drop in May. Professional and business services fell 118,000, while government employment fell 52,000. Manufacturing was one of the few sectors to show a smaller drop in June, falling 136,000 after a 156,000 fall in May.

Date created : 2009-07-02

COMMENT(S)