News Today - July 03

* The U.S. economy shed jobs at a faster pace in June than in May, suggesting that the turnaround in the economy may take longer than expected,Unemployment rate hits 9.5%.

*With joblessness rising, President Barack Obama said Thursday he was "deeply concerned" about unemployment and conceded that too many families are worried about "whether they will be next" to suffer economically.

* Japan's newly appointed economy minister says new jobs data show the U.S. has yet to hit bottom and that this is a big concern for Tokyo.

* General Motors could make a swift exit from bankruptcy, potentially as soon as this month, paving the way for an initial public offering of stock sometime next year, according to published reports.

* Reserve Bank of India (RBI) governor D Subbarao has lambasted the weaknesses in the country’s data system that are posing challenges to monetary policy formulation.