The unemployment rate in the US is at its highest level in nearly five years after a higher-than-expected 84,000 jobs were lost last month. The jobless rate has risen to 6.1%, the highest since December 2003, adding to concern about the US economy and its ability to stave off a recession.
In a further blow, the Labor Department revised upwards job loss figures for each of the past two months.
The Federal Reserve said earlier that economic activity remained "weak". A separate report by the Mortgage Bankers Association said that almost one in ten US homeowners were behind with their mortgage payments or was in foreclosure procedures. The 9.2% default rate between April and June was up from 8.8% in the previous quarter, and nearly double the rate one year ago.
In a further blow, the Labor Department revised upwards job loss figures for each of the past two months.
The Federal Reserve said earlier that economic activity remained "weak". A separate report by the Mortgage Bankers Association said that almost one in ten US homeowners were behind with their mortgage payments or was in foreclosure procedures. The 9.2% default rate between April and June was up from 8.8% in the previous quarter, and nearly double the rate one year ago.
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