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Updated: 11:02 AM Jul 2, 2009
Jobless Rate at 9.5 Percent
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.
Posted: 7:53 AM Jul 2, 2009 |
The Federal Reserve has lowered its projection for economic growth this year, spurring fears that the economy could continue to weaken despite January's interest rate cuts, Wednesday, Feb. 20, 2008. (AP / CBS)
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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.
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