U.S. employers slashed 467,000 jobs in June, far more than the 363,000 economists had expected, the Labor Department reported this morning (July 2). The unemployment rate edged up to 9.5%. Economists had expected 9.6%. Including laid-off workers who have given up looking for jobs or settled for part-time work, the unemployment rate would have been 16.5%. The average workweek fell to a record-low 33 hours. Yesterday, the private ADP employment report recorded a loss of 473,000 jobs in June. Bill Gross of Orange County's PIMCO, considered the nation's leading bond expert, now says that economic growth may be 1% or 2% for several more years, with consumer spending exceedingly weak.
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