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Thursday 08th of July 2010
July 4, 2010    

US unemployment rate dips further to 9.5%

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by Kay Murchie

The Labor Department has revealed the world’s largest economy lost 125,000 jobs last month – primarily due to the loss of temporary Government jobs, which were recruited to help conduct the 2010 census.

However, a fall would traditionally mean a higher unemployment rate, but this dipped from 9.7% in May to 9.5% in June.

Meanwhile, the private sector created 83,000 jobs in June - this was an improvement on the previous month but below March and April’s totals.

According to analysts, the figures add to already weak data for the US economy in recent weeks - suggesting sluggish economic growth.

Commenting on the figures, US President Barack Obama said he acknowledged the slow pace of the recovery.

“We’re not headed there fast enough for a lot of Americans,” he said. “We’re not headed there fast enough for me, either.”

According to the US central bank, the Federal Reserve, unemployment is expected to hover around the 9% mark for the remainder of the year and the Fed is expecting the rate to be as high as 7.5% two years from now.

Many economists believe it will take a further five years until the unemployment rate moves towards the “normal” level of 6%.

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