Market Commentary - Thu, Jul 02 - 9:50 AM ET The Labor Department took Wall Street off guard this morning reporting that there were 467,000 jobs lost in June versus the -365,000 that most economists were calling for as the recession continues to grip the nation. The Unemployment rate rose to its highest level since August of 1983 to 9.5%, slightly lower than the 9.6% that was anticipated and up from June's reading of 9.4%. The Bond markets rose on the news as investors flocked to the safe haven of the debt markets. The Labor Department was busy today also releasing Initial Claims for the latest week. Americans filing for first time benefits fell 16,000 in the latest week to 614,000. The number of people collecting unemployment insurance decreased by 53,000 in the prior week, to 6.7 million. Auto sales in the U.S. were down 28% since last year this time but car companies think that sales have bottomed out and that they could start to move higher as the year unfolds. For June, Ford's sales were down just 10.7%, Chrysler posted a 41.9% decline, GM was down 33.4%, close to Toyota's decline of 31.9%. In the U.S., Independence Day or the Fourth of July, is a federal holiday commemorating the adoption of the Declaration of Independence on July 4, 1776, declaring independence from Great Britain. Independence Day is commonly associated with fireworks, parades, barbecues, carnivals, picnics, concerts, baseball games,, political speeches and ceremonies, and various other public and private events celebrating the history, government, and traditions of the United States. Independence Day is the national day of the United States.