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11th of July 2011
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US unemployment rate edges up to 9.2%

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by Kay Mitchell

The Bureau of Labor Statistics has today revealed the unemployment rate in the US rose in June to 9.2% from 9.1% in May.

According to the Bureau, the number of new jobs created in the world’s largest economy last month represented the lowest in 9 months.

The economy created just 18,000 jobs in June – lower than forecasts of a 90,000 rise – sending stock markets falling.

The figures were primarily due to significant layoffs in the public sector and a disappointing 57,000 jobs created in the private sector.

Furthermore, there were 15,000 job losses in the financial sector, while the manufacturing industry has not been active in recruitment for the last 13 months.

“Employment in most major private-sector industries changed little over the month,” said the Bureau of Labor Statistics in its release.

Meanwhile, total unemployment in the US was relatively flat from the previous month, at just over 14 million.

The economic recovery of the US remains sluggish in the face of higher unemployment and a depressed housing market.

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News posted: July 8, 2011

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