June employment data confirms a lesser recent pace of deterioration in the economy, as payrolls fell 467,000, though the unemployment rate continued to rise to its highest level since August 1983, hitting 9.5%, and hours and wages moderated.

The June payrolls change was negative 467,000. Hours fell to their lowest on record and wages moderated, while average hourly earnings were flat, suggesting lower production and income ahead. Electronics, construction, and the apparel-textiles industry were particularly hard hit.

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