Unemployment Rate Rises to 9.5%

The U.S. unemployment rate rose to 9.5% in June from 9.4% in May, the Labor Department said Thursday.

Employers cut 467,000 jobs, following 322,000 cuts in May, Labor said.

The jobless rate was just below the 9.6% level forecast by economists, while payroll cuts exceeded the 365,000 forecast, Bloomberg reported.

Factory payrolls lost 136,000 jobs following 156,000 in May. Auto manufacturing and parts industries lost 26.500 jobs.

Service industries lost 244,000 jobs following a revised reduction of 107,000 a month earlier, Labor said.