U.S. Loses More Jobs Than Expected in June
Category: News and Notes, Savings Account Rates- fhuff- 2:51 pm/ July 2, 2009The U.S. lost 467,000 jobs in June, 102,000 more than the average estimate by economists. The unemployment rate was 9.5% in June, the highest level in 26 years, according to the Bureau of Labor Statistics. That’s the highest rate since August 1983, when it was 9.4%. There were 14.7 million unemployed people in June.
The financial news sent stock markets tumbling today, as many feared that the jobless rate indicates that the recession isn’t likely to end anytime soon. The Dow Jones Industrial Average dropped 223.32 points to 8280.74. Many economists were concerned about the financial news on the jobless rate.
“Companies are laying off people and not hiring them back,” Roger Kubarych, chief U.S. economist at UniCredit Global Research in New York, told Bloomberg. “This leaves us with a weak, irregular recovery.”
But the high jobless rate could continue to push the U.S. savings rate up as consumers crack down on spending and put aside money to ride out the recession. The U.S. Commerce Department reported recently that the personal savings rate had risen to 6.9% in May, a 15-year high.
Anyone hoping to weather the continuing economic storm should put together a plan to beef up their savings. It’s a good idea to look for the best savings rates out there to make the most of your money in this troubled economy.
- 6 Month CD 1.06 %
- 1-year CD 1.32 %
- 2-year CD 1.73 %
- Money Market Account 1.04 %
- Savings Account 1.04 %
- 30-year Fixed Mortgage 5.22 %
Bank rates provided by MoneyRates.com based on average rates for deposits under $10K and conforming mortgage rates
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