467,000 people lost their job in June according to the latest figures released Thursday, by the U.S. Labor Department, leaving a total of 14.7 million people without a job in June.
The U.S. unemployment rate soared to a 26-year high, exposing the “green shoots” as unwanted weeds and the recession still in full throttle with consumer spending still totally depressed.
The labor think tank, Employment Policy Institute, noted that the amount of jobs lost in the current recession wipe out all jobs created in the previous business cycle, “a devastating benchmark for the workers of this country and a testament to the enormity of the current crisis”.
The job market in the US is heading for extremes with many workers reducing hours and wages as well as discouraged workers and partially-employed workers, voluntarily dropping out of the labour market situating the real unemployment well above 16 per cent.
The bad news hit stock markets around the globe.
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