The U.S. unemployment rate surged to a nine-year high in June as businesses cut jobs for a fifth consecutive month, suggesting that tax and interest-rate cuts have yet to revive the struggling economy.
In a separate report, the government said first-time applications for unemployment benefits rose by 21,000 last week. That marked the first increase in a month and it indicated the labor market was still deteriorating at the end of June.
The numbers surprised Wall Street on all fronts. Analysts said the numbers highlighted the inclination of businesses to reduce costs amid persistently disappointing economic growth.
Thursday, July 3
Another new high reached!
Yeah, that economy's just pumpin' along, alright. 6.4%! But that means more people will qualify for the tax cut, right...?
