National Unemployment Rate Hits 9.5%

More than 460,000 jobs were lost in June, even though the recent general consensus has been that the economy was beginning to turnaround. The loss brings the nation’s unemployment rate up 0.1% to 9.5%, which is its highest level in almost 26 years (August 1983).

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Manufacturing and construction took the biggest hits, losing 136,000 and 79,000 jobs respectively. Average hourly earnings remained steady at $18.53 for the month. Though the numbers look grim, they weren’t as bad as expected. Economists had projected a 350,000 job loss for the month of June.

“Involuntary part-time” workers (those wanting to work full time but for job or economic reasons cannot do so) remained at 9 million. That figure is up 4.4 million from the beginning of the recession 20 months ago.

If you add the number of “involuntary part-time” workers in with the unemployed, the “total unemployment” number is 16.5% of the population. That’s approximately one in every six workers — simply staggering.