Another 467,000 jobs were cut last month raising the nation's jobless rate to 9.5 percent. The job cuts were more than 100,000 expected by analysts as the number of unemployed U.S. citizens nears 15 million. The federal government, however, continues to import more than 138,000 foreign workers every month, and the Pew Hispanic Center estimates that there are 8.3 million undocumented workers in the U.S. workforce.
The one-point increase of the overall jobless rate from 9.4-to-9.5 percent was lower than expected, but leading economists still expect the number to hit 10 percent. When including unemployed workers who have given up on their job search or have settled for part-time employment, the number of jobless Americans is 16.5 percent - the highest rate since 1994.
Manufacturing took the biggest hit, cutting 136,000 jobs with professional and business services cutting 118,000. Construction companies cut 79,000 and 52,000 government jobs were cut up from 10,000 the month before.
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Updated: Thu, Jul 2nd 2009 @ 1:52pm EDT