According to the U.S. Department of Labor, national unemployment climbed to 9.5 percent in June, up from 9.4 percent in May.
The U.S. economy lost 467,000 nonfarm jobs in the month, which is a bigger number than economists predicted. The bigger-than-expected loss affected stocks, which were down nearly 200 points Thursday in midday trading.
The average work week took a drop as well, from 33.1 hours to 33 hours. That decrease alarms economists, who say the number indicates there is an increasing number of unemployed workers, as well.
Source:
Forbes: Unemployment Rises, Stocks Fall
