467,000 Jobs Lost in June
Posted on July 2, 2009The Labor Department reported Thursday that U.S. employers cut 467,000 jobs in June. The unemployment rate climbed to 9.5 percent, which is nearly a 26-year high. Reuters reports that the jobs cuts were 100,000 more than Wall Street economists had been expecting. The economy has now lost 6.5 million jobs since the recession began on Decemeber 2007.
Jobs cuts were widespread covering most sectors. The professional and business service industry lost a staggering 118,000 jobs and manufacturing cut 136,000 jobs. Another big area of job losses came in construction where 79,000 jobs were lost. Only education and health services added jobs, but the gains were small.
The big June figures are a clear sign that the pace of layoffs is not slowing down. U.S. News provides a good Q&A on what this latest jobs report means here.