Unemployment Rate Climbs to 9.5%

Keep those compasses and machetes at the ready. We're not out of the woods yet.

This morning, the federal government said that the unemployment rate increased and more jobs were lost in June than had been forecast. Today, the Department of Labor announced the unemployment rate bumped up to 9.5% in June, its highest since 1983.

Employers cut 467,000 jobs during the month. Economists had anticipated a payroll deduction loss of only 365,000 in the month, though many also anticipated the rate rising to 9.6% as well.

The unemployment rate stood at 9.4% in May after 322,000 jobs were cut. That figure was revised down from the 345,000 jobs that had originally been reported last that month.

In total, the report said that 14.7 million people were unemployed in June.

Yesterday, Gannet(GCI Quote), which publishes USA Today, said it plans to cut 1,400 jobs or 3% of its work force.

Last week, Kimberly-Clark(KMB Quote) said it would lay off 1,600 workers, while Monsanto(MON Quote) said it would cut 900 jobs .

General Motors(GMGMQ Quote) also adjusted its domestic, white-collar, job cuts forecast up to 4,000.