The U.S. market received another rude awakening yesterday, with reports that unemployment in the United States continued to climb in June, hitting a 26-year high of 9.5% (up from 9.4% in May). 467,000 jobs were lost, far worse than the forecasted 365,000 decline, marking the first time in four months that the number of jobs lost had risen (month-over-month).
Close to 3.5 million jobs have been lost so far this year, 10% more than the 3.1 million lost in all of 2008. The markets reacted by sending the Dow Jones Industrial Average down 2.63%.
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