US Jobless Rate Reachs Reagan Era High of Officially being 9.5%

US unemployment rate soars to 26-year high

467,000 jobs lost in June, far worse than analysts expected

• Kathryn Hopkins
• guardian.co.uk, Thursday 2 July 2009 14.23 BST

The US unemployment rate jumped to a 26-year high in June as employers continued to slash jobs despite tentative signs that the economic crisis may be easing.

The US labour department said that 467,000 people lost their jobs in June. Economists had expected a figure of 363,000. The employment measure, known as "non-farm payroll", shrank by 322,000 in May.

The unemployment rate now stands at 9.5%, up from 9.4% in May. Many economists predict the jobless rate will hit 10% this year, and keep rising into next year, before falling back.

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