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Unemployment rates rise in 90% of metro areas...

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posted on Jul, 30 2009 @ 11:30 AM

More than 90 percent of the nation's largest metropolitan areas saw their unemployment rates climb in June from the previous month.

Some of the biggest increases hit college towns, where the annual summertime exodus of students causes bars, restaurants and other businesses to cut staff. The Detroit area, hit hard by manufacturing layoffs tied to the beleaguered auto industry, also got stung in June.

Unemployment rates rose from May to June in 348 of more than 370 metro areas, according to an Associated Press analysis of Labor Department data released Wednesday.

The figures aren't adjusted to account for seasonal trends, such as lifeguards hired during summer or retail clerks let go after the holiday shopping season. So they tend to be volatile from month to month.

The Labor Department does not provide seasonally adjusted metro area unemployment data. It does adjust the national unemployment rate for seasonal factors. The U.S. jobless rate, which hit 9.5 percent in June, is expected to rise to 9.7 percent when the department reports the July rate next week.

funny that yahoo news keeps saying stocks are up on positive employment data

with stimulus jobs only lasting a few weeks what do they expect?

posted on Jul, 30 2009 @ 01:25 PM
stocks are definately being run up on false news/manipulation. The dump will begin when the administration releases deficiet figures for 2008/2009 during the august recess. Be careful. the whole bounce to 9000 is fake

[edit on 30-7-2009 by Spartak_FL]

posted on Jul, 30 2009 @ 01:27 PM
the signs of a sick economy are there but being burried. Exxon Mobil lost 66% of its profit. People arent driving, spending.

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