Jobless Rate | featured news

As jobless rate climbs, White House scrambles to reassure public Obama's plan is on right track.

Stocks fell in Europe and Wall Street was set to open lower as investors weighed the impact of a report that showed steeper U.S. job losses than expected.

In June, 467,000 jobs are lost; analysts had predicted 350,000. Despite positive signs for the economy in recent weeks, the report is evidence that the jobs market remains troubled.

California's unemployment rate hit 11.2% with the loss of 62,100 jobs last month, reaching its highest level since the government began keeping systematic records in 1976, the state reported today.

The nation's unemployment rate rose to 8.1% in February, the Labor Department reported this morning, adding another grim indicator to an economic picture already darkened this week. The jobless rate stood at its highest point since 1983.