467,000 jobs cut in June; jobless rate at 9.5%
By
KSPR News
Story Created:
Jul 2, 2009 at 4:44 PM CDT
Story Updated:
Jul 2, 2009 at 4:44 PM CDT
WASHINGTON (AP) - Employers cut a larger-than-expected 467,000 jobs in June, driving the unemployment rate up to a 26-year high of 9.5 percent, suggesting that the economy's road to recovery will be a bumpy one.
Economists had expected 363,000 job cuts last months, and that the jobless rate would rise to 9.6 percent from 9.4 percent in May.
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.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
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