US Job Losses Accelerate More Than Expected in June
US employers shed a worse-than-expected 467,000 jobs in June, pushing the unemployment rate up to 9.5 percent, the Labor Department reported on Thursday.
The report, one of the best indicators of economic momentum, appeared to dash hopes for a quick turnaround in the labor market after job losses moderated in May.
Analysts had expected a smaller number of 365,000 job losses, but a higher unemployment rate of 9.6 percent. The agency however 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.
Since the recession began in December 2007, the US economy has lost 6.5 million jobs. The jobless rate has risen 4.6 percentage points.
In a separate report, the Labor Department said the number of new jobless claims, one of the freshest indicators of economic sentiment, fell by 16,000 to 614,000 in the week ending June 27. AFP
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