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Archive for Saturday, July 6, 2002

Jobless rate increases

July 6, 2002

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The unemployment rate nudged up to 5.9 percent in June as companies uncertain about the economic recovery and shaken by accounting scandals steered clear of big hiring commitments.

The latest snapshot of the job market released Friday by the Labor Department shows an economy that is mending from last year's recession but at a frustratingly slow pace, economists said.

For job hunters, that means they'll probably find the going tough in the months ahead. Some economists predict the jobless rate could rise as high as 6.5 percent by this fall.

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