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US unemployment rate reaches 9.4 percent

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Friday, June 5, 2009

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Data from the United States Labor Department says that the unemployment rate in the U.S. has reached its highest level in over 25 years, namely 9.4%.

The job loss rate, however, was only 345,000, which is the lowest monthly job loss rate since September of last year. Analysts had predicted that the loss could be as high as 525,000.

The news suggests that the US economy may be improving, as the job loss rate, which peaked at 741,000 jobs this January, has started to ease.

"Even as we see things start to stabilize and hopefully grow again, we do know that unemployment tends to lag, and so that the unemployment rate is going to be high and probably stay high for a while, precisely because that is sort of the normal pattern as we come out of recession," said an economic adviser for the White House, Christina Romer.

Since the recession officially started in December 2007, the economy has shed over six million jobs, with 14.5 million residents now unemployed.


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  This page is archived, and is no longer publicly editable.
Articles presented on Wikinews reflect the specific time at which they were written and published, and do not attempt to encompass events or knowledge which occur or become known after their publication.

Got a correction? Add the template {{editprotected}} to the talk page along with your corrections, and it will be brought to the attention of the administrators.

Please note that due to our archival policy, we will not alter or update the content of articles that are archived, but will only accept requests to make grammatical and formatting corrections.

Note that some listed sources or external links may no longer be available online due to age.

The text of this article is licensed under the terms of the Creative Commons Attribution 2.5 License
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