Wikinvest Wire

Labor market "more bad" in June

Thursday, July 02, 2009

The Labor Department reported a sharp decline in nonfarm payrolls last month and a slight increase in the unemployment rate as the labor market continues to shed jobs during the worst recession in decades.
IMAGE Employers in the U.S. cut a total of 467,000 jobs in June following losses of 519,000 in April and 322,000 in May. Revisions to prior months resulted in 8,000 fewer jobs lost than previously reported, the May total revised downward from -504,000 and the June data revised upward from -345,000.

The unemployment rate continued to rise, up from 9.4 percent in May to 9.5 percent in June, however, this was the smallest increase since last September, just prior to the financial market and economic crisis taking a turn for the worse. The current 9.5 percent rate is the highest since August of 1983.

In a separate report, new claims for unemployment insurance fell to 614,000 for the week ended June 27 from an upwardly revised 630,000 the week before.

Since the start of the recession in December of 2007, non farm payrolls have declined every month, the total labor market decline now totaling 6.5 million jobs.

By category, June job losses were concentrated in the manufacturing and business services sectors that shed 136,000 and 118,000 positions, respectively, and the decline in manufacturing payrolls included 26,500 fewer jobs in the auto and auto parts industries.
IMAGE As usual, the education and health care sectors added to the work force, a gain of 14,900 seen in education services and 18,600 more workers now collecting paychecks in the health care and social assistance sectors.

Government payrolls posted their second consecutive decline, down 52,000 in June after a drop of 10,000 in May, much of this a result of layoffs for temporary workers hired to prepare for the 2010 census. Over a million temporary workers are expected to be hired in the months ahead to conduct the census next year.

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Anonymous said...

U.S. popuplation has increased from 200 million in the 1970's to 300 million today.

How many jobs need CREATED each month just to keep up with population increases?

Reaganite Republican said...

The misguided $700B+ "stimulus" legislation has already crapped out: these figures are far worse than the ones the White House warned us about if we DIDN'T pass the bill- but it was passed, and still unemployment soars?

Instead of creating jobs, interest rates were bumped up, the dollar slid... and it didn't help anybody get any work. Much of this is due to the fact that Obama's agenda has mortified almost every machine of job-and-growth creation in the country. The Democrats had to insist and tax-n-spend, rather than a tax holiday for six months... can you imagine how things would be doing with a $700B tax cut instead?

And the One couldn't deliver the type of "temporary, targeted, and timely" bill that he promised for weeks. Irregardless of his beautified image in the press, Obama lacks the the political stature to control Pelosi and Reid... who hit the trough hard, while bickering like siblings.

But the lack of GOP co-conspirators exposed Obama politically... this legislation now looks to be a huge gamble. And when all this pork-n-welfare fails to generate any real economic gains... the Democrats could face a bloodbath in 2010.

One could make the argument that Obama knows his legacy will be in tatters by 2012, and could care less how much damage his radical programs do to the economy.... and is ramming through as much of his far-left agenda as he can before the day comes when people cringe at the mere mention of his name

Sure seems like it.

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