Posted on 07/02/2009 8:16:42 AM PDT by FromLori
The number of jobs lost in the US last month came in at 467,000, which was much more than had been expected. The jobless rate rose to 9.5% in June, from 9.4% in May, as the US economy continued to struggle.
Since the start of the recession in December 2007, the number of jobless people has risen by 7.2 million, the Department of Labor said.
The unemployment rate was slightly lower than had been expected, but was still the highest since August 1983.
The number of people losing their jobs can be higher than expected at the same time as the jobless rate is lower than expected, because they are measured in different ways.
The former is a measure of how many people are working, while the latter shows the number of people looking for work.
'Terrible' market The non-farm payrolls number would usually be released on a Friday, but has been announced a day early because US markets will be closed on Friday.
The latest set of figures also included revisions to data for the two previous months, with the number of jobs lost in April rising 15,000 to 519,000 and the number lost in May falling 23,000 to 322,000.
A total of 14.7 million people were unemployed in June, the figures showed.
The job losses come despite recent signs of optimism from surveys.
"The job market is terrible. It's as bad as we've seen in our lifetime," said Keith Hembre, chief economist at FAF Advisors in Minneapolis.
'Longer process'
The average working week for production and non-supervisory workers fell 0.1 hour to 33.0 hours, which was the lowest since records began in 1964, suggesting that more people are working part-time.
"But it's evident that it's going to be a much longer process to bottom out in the labour
(Excerpt) Read more at news.bbc.co.uk ...
But Obama saved 4 jobs. He hired them when GE laid them off.
More job losses coming, more deflation, prolonged depression.
Agree for sure with the depression
Zer0 said the stimlus works. Zer0’s plan for the destruction of the U.S.A. is on track.
He’s doing a great job.
Good thing that Caterpillar is hiring. Phew.
But the great Messiah stuck his nose in the air and with a blast from his nostril, saved 5 millions jobs...and candy canes and gum drops showered from the sky and children danced in the land of milk, honey and endless government subsidies! I know it’s true - the mainstream media said so!
Then we can impeach the dictator, and endeavor to salvage what we can.
What did you expect? If anyone didn't see high unemployment coming they were either economically illiterate or mentally unstable. The job killing programs of this administration are just beginning to work, soon the energy tax will cause another 5% unemployment. The new Chicago way of passing legislation that has not been read or even written is a destabilizing force in the economy. The requirement to produce products the market does not desire and technology cannot yet produce destroys whole industries and runs small businesses that are not "too big to fail" out of the marketplace. The policies and agenda of this administration will eliminate all private sector jobs - this is the highway to communism.
Affirmative action in action.
Pick any number,say any number and the MSM will back the
Dem.saying it.
If GWB were President the HEADLINEs would be:
END OF WORLD HERE.
BUSH HAS RUINED ECONOMY
JOBLESS BLAME BUSH
HISTORIC UNEMPLOYMENT UNDER BUSH
Add your own.
Our only hope in the short term is that Obama begins to mortify democrats as well.
Sorry to burst your bubble but Hussein will NEVER be impeached. Try another road.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.