US jobless rate hits 26-year high

July 3, 2009

(ChattahBox) — More bad news on the jobs front yesterday, as job losses accelerated last month and the unemployment rate rose to 9.5%,from 9.4% in May. The latest Labor Department numbers were worse than expected as 467000 Americans lost their jobs last month, after declining by 322,000 the month before, pushing the unemployment rate to a 26-year high. The disappointing jobs report highlighted the severity of the downturn casting doubt on prospects for the U.S. economy to soon rebound. As hopes of an economic recovery during the second half of the year have dimmed, the ever jittery stock market indices declined sharply for a third consecutive weekly loss.

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