US loses 467,000 jobs, unemployment at 9.5%

The Age
Thursday, July 2, 2009

US employers shed 467,000 jobs in June, pushing the unemployment rate to a fresh 26-year high of 9.5 percent, the Labor Department reported Thursday.

Analysts had expected a smaller number of 365,000 job losses, but a higher unemployment rate of 9.6 percent. The jobless rate in May was 9.4 percent.

(ARTICLE CONTINUES BELOW)

The agency revised its estimates for May to show fewer job cuts — 322,000 instead of 345,000. But the April figure was revised from a loss of 504,000 to 519,000 jobs.

The report, one of the best indicators of economic momentum, appeared to dash hopes for a quick turnaround in the labor market, after a moderation in job losses in May.

Full story here.

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