Open

Coming up

Don't miss

Replay


LATEST SHOWS

IN THE PAPERS

Is Valls crying wolf?

Read more

IN THE PAPERS

Prospect of separation from Scotland stirs sadness in England and Wales

Read more

BUSINESS DAILY

No resolution in sight to Air France dispute

Read more

MEDIAWATCH

Fighting back against facial recognition

Read more

THE INTERVIEW

Iraqi Foreign Minister Ibrahim al-Jaafari

Read more

AFRICA NEWS

Central African Republic: UN takes over country's peacekeeping

Read more

WEB NEWS

News media urged not to show ISIS videos

Read more

DEBATE

Fighting the Islamic State group: What coalition against jihadists? (part 2)

Read more

DEBATE

Fighting the Islamic State group: What coalition against jihadists?

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)