Payrolls fell 467,000, unemployment rate rises to 9.5 percent in June


June payrolls fell by 467,000, according to the Bureau of Labor Statistics. That was higher than the 365,000 jobs economists surveyed by Bloomberg had expected employers would shed.

The BLS said job losses were widespread across the major industry sectors, with large declines occurring in manufacturing, professional and business services and construction. While the BLS called the 9.5 percent unemployment rate "little changed," the rate did climb from the previous month's rate, reaching a 26-year high. Still, the rise wasn't as steep as economists had projected. The number of unemployed persons (14.7 million) was little changed.