The U.S. unemployment rate rose to 9.5Rolex classic percent in June, a 26-year high, as employers continued to slash payrolls, according to a Labor Department report Datejusttoday that estimates 14.7 million Americans were out of work last month. Employers cut 467,000 jobs in June, as construction Day Dateand manufacturing continued to suffer big losses. Only health care bucked the downward trend and added jobs, the Labor Department said. The United States has lost 6.5 million jobs since Daytonathe recession began in December 2007. Employers have cut payrolls so deeply that the nation's job count has slipped to its May 2000 level, while 12.5 million adults have joined the laborExplorer force over the past nine years. "This is the only recession since the Great Depression to wipe out all the job growth from the previous business cycle," said Heidi Shierholz GMT Mastewith the Economic Policy Ladies DatejusInstitute in Washington, D.C. California will report its June job totals later thisPearlmaster month. Today's bleak federal numbers suggest that the state unemployment rate, already at 11.5 percent, could head higher. Despite rising unemployment, most economists think theSea Dweller recession is about to hit bottom and that the output of goods and services will begin to creep up by the end of the year. "We're right about to turn the corner," said LyleSubmarinerGramley, a senior adviser with Stanford Washington Research Group. But even this reasonably optimistic scenario Yacht Masterenvisions weak growth and a "jobless recovery" in which the U.S. unemployment rate will exceed 10 percent through 2010, before slowly declining over the next two to three years. President Obama said today he is "deeply concerned" Omega classicabout the job losses and understands that many families worry "whether they will be next." Economist Nigel Gault with IHS Global InsightConstellation said Obama's stimulus package is only now starting to work its way into circulation and should start creating jobs in force by next year. But higher federal spending may Constellation Double Eaglesimply offset state and local cutbacks in places likeConstellation My Choice California that have their own budget woes. "We may not get as big a jolt as we'd hoped De Villebut it would only be worse if the federal government hadn't stepped up spending," Gault said. Today's Labor Department report shows no sign thatDeVille Prestige the job market has hit bottom. One indicator of weakness in the demand for labor Double Eagleis the number of hours in the average work week. It fell to 33 hours in June, the lowest on record since such measurements began Olympic Timeless Collectionin 1964, the Labor Department said. That suggests that even when the demand for goods Seamasterand services rebounds, employers will be able to meet it by adding hours for those Seamaster Aqua Terraalready on payroll rather than creating jobs. Mark Zandi, chief economist with Moody's Economy.com, saidSeamaster Planet Ocean another worrisome indicator is the recent flattening of the average hourly wage. Zandi said wages usually grow a few cents eachSpeedmaster month, and the flattening suggests that employers are finding it possible toSpeedmaster Broad Arrow cut their costs by lowering pay while workers are accepting lower wages as preferable to layoffs. Economist Heather Boushey with the Center for American Speedmaster DayProgress said the weak job market, and other factors like soft home prices, tend to make consumers cautious in an economy where their spending accounts for 70Speedmaster Legend percent of all activity. The reluctance to spend limits economic growth and puts more pressure on the job market in a downward spiral that has not yet run its course. "It's pretty grim out there," Boushey said.
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