Unemployment creeps up
U.S. jobless rate climbs a little less than expected in June; payrolls slashed
July 6, 2001: 8:37 a.m. ET
NEW YORK (CNNfn) - The U.S. unemployment rate edged higher in June, the government said Friday, a hint of continuing weakness in the labor market.
The unemployment rate rose to 4.5 percent from 4.4 percent in May, the Labor Department reported, compared with Wall Street forecasts for a rate of 4.6 percent.
The economy lost 114,000 jobs last month versus forecasts for a loss of 40,000. The economy created a revised 8,000 jobs in May.
The report comes nine days after the Federal Reserve cut interest rates for the sixth time this year in a bid to prevent the United States from slipping into recession.
Stock futures remained lower after the report, pointing to a weak start for Wall Street. Treasury bond prices sold off after the report but then later regained ground