{"id":2452,"date":"2009-07-02T15:24:01","date_gmt":"2009-07-02T19:24:01","guid":{"rendered":"http:\/\/www.jasetaro.com\/blog\/?p=2452"},"modified":"2009-07-02T18:17:34","modified_gmt":"2009-07-02T22:17:34","slug":"unemployment-climbs-to-9-5-percent","status":"publish","type":"post","link":"https:\/\/www.jasetaro.com\/blog\/2009\/07\/02\/unemployment-climbs-to-9-5-percent\/","title":{"rendered":"Unemployment Climbs to 9.5 Percent"},"content":{"rendered":"

Unemployment climbed to its highest level in 26 years rising to 9.5 percent in June. All told, 14.7 million people were unemployed in June<\/a>:<\/p>\n

WASHINGTON (Reuters) – U.S. employers cut far more jobs than expected last month and the unemployment rate hit 9.5 percent, the highest in nearly 26 years, underscoring the likelihood of a long, slow recovery from recession.<\/p>\n

The loss of 467,000 jobs reported by the Labor Department on Thursday was 100,000 more than Wall Street economists had expected, with virtually no sector of the economy spared.<\/p>\n

Since the economy fell into recession in December 2007, 6.5 million nonfarm jobs have been lost and the unemployment rate has nearly doubled.<\/p>\n

“It looks like the economy was still losing substantial momentum as the second quarter came to a close. This report is weak across the board,” said William Sullivan, chief economist at the JVB Financial Group in Boca Raton, Florida.<\/p>\n

U.S. stock prices fell, with the Dow Jones industrial average down 2 percent by afternoon as investors worried the data darkened the recovery outlook. Prices for safe-haven U.S. government debt rose.<\/p><\/blockquote>\n

Clearly we’re headed in the wrong direction… I said last month<\/a> that I thought the numbers were misleading and shouldn\u2019t be take them at face value. Simply put we aren’t anywhere near the bottom yet, unemployment is going to continue to rise and I suspect we\u2019ll see unemployment well above 10% and U-6<\/a> above 20% before we do reach bottom.<\/p>\n

Related<\/strong><\/p>\n