Thu, Nov 26 2009
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467K jobs cut in June; jobless rate at 9.5 percent JEANNINE AVERSA,AP Economics Writer Since the recession began in December 2007, the economy has lost a net total of 6.5 million jobs. As the downturn bites into sales and profits, companies have turned to layoffs and other cost-cutting measures to survive. Those include holding down workers' hours and freezing or cutting pay. The average work week in June fell to 33 hours, the lowest on records dating to 1964. Layoffs in May turned out to smaller, 322,000, versus the 345,000 first reported. But job cuts in April were a bit deeper — 519,000 versus 504,000, according to government data. Even with higher pace of job cuts in June, the report indicates that the worst of the layoffs have passed. The deepest job cuts of the recession came in January, when 741,000 jobs vanished, the most in any month since 1949. And there was some other encouraging job news Thursday. In a separate report, the department said the number of newly laid-off workers filing applications for unemployment benefits fell last week to 614,000, in line with economists' predictions. The number of people continuing to draw benefits unexpectedly dropped to 6.7 million. 
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