Unemployment Rate at 16.5%

As I expected yesterday, the official employment report for June indicates that businesses in the US shed another 476,000 jobs:

Nonfarm payroll employment continued to decline in June (-467,000), and the unemployment rate was little changed at 9.5 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Job losses were widespread across the major industry sectors, with large declines occurring in manufacturing, professional and business services, and construction.

It is noteworthy that real unemployment is now at 16.5%:

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