Posted on 07/02/2009 6:14:10 AM PDT by jmaroneps37
WASHINGTON – Employers cut a larger-than-expected 467,000 jobs in June, driving the unemployment rate up to a 26-year high of 9.5 percent, suggesting that the economy's road to recovery will be bumpy.
The Labor Department report, released Thursday, showed that even as the recession flashes signs of easing, companies likely will want to keep a lid on costs and be wary of hiring until they feel certain the economy is on a solid ground.
June's payroll reductions were deeper than the 363,000 that economists expected.
However, the rise in the unemployment rate from 9.4 percent in May wasn't as sharp as the expected 9.6 percent. Still, many economists predict the jobless rate will hit 10 percent this year, and keep rising into next year, before falling back.
All told, 14.7 million people were unemployed in June.
If laid-off workers who have given up looking for new jobs or have settled for part-time work are included, the unemployment rate would have been 16.5 percent in June, the highest on records dating to 1994.
Since the recession began in December 2007, the economy has lost a net total of 6.5 million jobs.
(Excerpt) Read more at drudgereport.com ...
Don’t worry...those green, shovel-ready jobs are going to kick in any minute now....
So what? Temple Inland shares (TIN) holding up nicely in spite of the “doom and gloom” and probably will go much higher. The news means nothing in regard to stocks.
Just an observation...Dems took control of Congress in Jan of 2007. They then started injecting government into the free market with the Minimum Wage Hike in May of 2007. According to estimates, that was supposed to only cause 140,000 lost restaurant jobs. Then a recession starts in Dec 2007. Only took them 11 months. Not sure if they are related at all....
“They bashed Bush about “LOW WAGE” jobs that were replacing “good manufacturing jobs”.
Just curious...using Obama math, how many jobs did George Bush “save”?
June's payroll reductions were deeper than the 363,000 that economists expected. [467,000 = 29% higher]...
However, the rise in the unemployment rate from 9.4 percent in May wasn't as sharp as the expected 9.6 percent...
So, even though we lost 100,000 more jobs than "economists expected", the unemployment rate was less than the "expected" rate.
I was just a simple math minor in college, so I guess I shouldn't really hope to understand how you can lose 100,000 more jobs than you expected, and have the unemployment rate go in the opposite of the expected direction...
Sounds like fuzzy math.
That’s my point. Both these projects were the shovel-ready type. Once they are done, so are the laborer jobs.
I can just see my 50+ accountant husband wielding the shovel now. What a crock! I wonder what the numbers are for people like my husband, older professionals who have been laid off?
All we need now is Obamacare. Then things will really be peachy.
How do they report on the small businesses who are working their hind ends off and not getting paid?
We have never had the trouble getting paid that we are now experiencing.... and we have run our own business for 29 years! All the large corporations have stretched things out to an automatic 45 days before they even process it, and the small people are just dawdling on the bills, or making partial payments.
Yeah, that cracked me up. I was thinking "flashes"? - more like detonations.
There will be more cut In July.
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