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Leadership
US unemployment hits 26-year high
02.07.2009
US unemployment reached a 26-year high today, as the jobless rate hit 9.5pc for June, up from 9.5pc in May, according to new figures released by the US Bureau of Labour Statistics.
Employers in the US continued to shed workers in the month of June, with 467,000 people losing their jobs. There are now 14.7 million people unemployed in the US, which represents a massive leap of 7.2 million people from the numbers unemployed in December 2007.
The Bureau figures showed that job losses were most severe in the manufacturing, construction, and professional and business services in June, where 136,000, 79,000 and 118,000 jobs were lost respectively. Together, these three sectors have accounted for nearly three quarters of all the jobs lost since the recession began, the Bureau said.
Education and healthcare sounded the sole positive note amidst all the gloomy employment news, as the sector gained 34,000 jobs.
The unwelcome news that US employment has almost spilled over into double digits comes as hopes were beginning to be raised that economy could begin to get itself back on track later this year.
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