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MONDAY, NOVEMBER 23, 2009
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June Jobless Rate Hits 9.5%, a 26-Year High

363K job cuts predicted

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(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% and suggesting that the economy's road to recovery will be bumpy. The Labor Department report released today, which shows 100,000 more jobs shed than expected, indicates that even as the recession flashes signs of easing, companies likely will want to keep a lid on costs and be wary of hiring until they feel certain the economy is on solid ground.

Many economists predict the jobless rate will hit 10% this year and keep rising into next year before falling back. The deepest job cuts of the recession came in January, when 741,000 jobs vanished, the most in any month since 1949.

In this June 30, 2009 photo, job seekers are helped with their resumes at a job fair in San Jose, Calif.
In this June 30, 2009 photo, job seekers are helped with their resumes at a job fair in San Jose, Calif.   (AP Photo/Paul Sakuma)
Tishawana Ellis attends a job fair Thursday, June 25, 2009 in New York.
Tishawana Ellis attends a job fair Thursday, June 25, 2009 in New York.   (AP Photo/Mark Lennihan)
In this June 30, 2009 photo, an unemployed worker talks at a KFC and Wendy's booth at a job fair in San Jose, Calif.
In this June 30, 2009 photo, an unemployed worker talks at a KFC and Wendy's booth at a job fair in San Jose, Calif.   (Paul Sakuma)
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4 comments
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Reader22060479
Jul 2, 09 1:06 PM CDT
Mr. Obama, your stimulus in not working, because in June 467,000 mewly jobless were not working. And your healthcare and cap and trade wont work either. Reply
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-3
TerrifiedCitizen
Jul 2, 09 2:30 PM CDT
Mr. Reader22060479: It's becoming clear that almost no stimulus plan may help correct the current state of the economy of excess and poor planning; on both sides of the aisle. Reply
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+1
IN RESPONSE:
Reader22060479
Jul 2, 09 3:03 PM CDT
True enough, but I thought we were promised CHANGE. Of course change can work up or down. And unlike healthcare and cap and trade Talk is always cheap.
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-1
zentenai
Jul 2, 09 3:39 PM CDT
Reader? Learn more about how an economic system works. Obama can't simply make unemployment go away whenever he feels like it. Reply
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+2
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