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The Labor Department report for June, released Thursday, showed that the U.S. economy is not out of the water yet. Though there are positive signs, employers remain wary about hiring, and concerned about cost-cutting. The data showed that 467,000 jobs were cut in June, a somewhat larger number than expected, and the unemployment rate reached its highest point in 26 years, at 9.5%. President Obama expressed concern over the report, saying that too many jobs are still being lost. 14.7 million Americans were unemployed in the month of June, and officials expect the numbers to continue rising at least through the end of the year. Additionally, weekly wages for the month fell, to their lowest point in the last year.