U.S. unemployment hits 9.5 percent

(01:44) Report

Jul. 2 - U.S. employers cut far more jobs than expected last month and the unemployment rate hit a nearly 26-year high of 9.5 percent, underscoring the likelihood of a long and slow recovery from recession.

SOUNDBITES: ,li>John Silvia, Chief Economist, Wachovia

  • Hilda Solis, U.S. Labor Secretary Bobbi Rebell reports.

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