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Unemployment Rate Rises To 9.2 Percent

July 8, 2011 by  

The nation's unemployment rate rose in June.The nation's unemployment rate climbed to 9.2 percent as only 18,000 jobs were created in the month of June, according to Labor Department figures.

According to Fox News, the economy has lost about 2.5 million jobs since President Barack Obama took office and the unemployment rate has stayed at or above 9 percent for the vast majority of his term.

Republicans in Congress called out the President for his economic policies, which they feel have contributed to the continued economic slump.

"After two-and-a-half years, it is time for him to take responsibility," Representative Jeb Hensarling (R-Texas) said.

Many economists had anticipated that the June job numbers would be much higher. John Silvia, chief economist at Wells Fargo, predicted that about 130,000 jobs would be created in the month, according to The Washington Times.

"The pace of growth remains below trend and is very disappointing," he told the news source. "The second quarter ended on a weak note."

There are now about 14.1 million unemployed people in the United States. About half of that figure represents people who have been out of work for more than 27 weeks, according to Fox.

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