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Jobless Rate Nearly Steady, But Finding New Work Takes Longer

Unemployment hit 9.5 percent in June, the Bureau of Labor Statistics reports. That's compared to 9.4 percent in May and a tick less than the 9.6 percent some economists expected. The broadest measure of unemployment — U-6, which includes people who'd like a job but have given up looking — reached 16.5 percent, compared to 16.4 percent in May. All told, employers cut 467,000 jobs in June, or 100,000 more than economists expected. The job market hasn't been this bad since August 1983.

As of June, the average job search was clocking in at 24.5 weeks. That's compared to 22.5 in May.

So we have almost the same rate of joblessness, but it's taking longer to replace a job that's been lost. From the BLS:

The number of long-term unemployed (those jobless for 27 weeks or more) increased by 433,000 over the month to 4.4 million. In June, 3 in 10 unemployed persons were jobless for 27 weeks or more.

After the jump, woe to bankers, car dealers and journalists.

The BLS noted where jobs were lost:

Retail trade employment edged down in June (-21,000); job losses in retail trade have moderated in the past 3 months. Over the month, job losses continued in automobile dealerships (-9,000). Employment continued to fall in wholesale trade (-16,000).

In June, financial activities employment continued to decline (-27,000). Since the start of the recession, this industry has lost 489,000 jobs. In June, employment declined in credit intermediation and related activities (-10,000) and in securities, commodity contracts, and investments (-6,000).

The information industry lost 21,000 jobs over the month and 187,000 since the start of the recession. Publishing accounted for about half of the employment decline in the information industry during the recession.

Health care employment increased by 21,000 in June. Job gains in health care have averaged 21,000 per month thus far in 2009, down from an average of 30,000 per month during 2008. Employment in federal government fell by 49,000 in June, largely due to the layoff of workers temporarily hired to prepare for Census 2010.

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