Payrolls fell 467,000, unemployment rate rises to 9.5 percent in June
Filed under: Economy
June payrolls fell by 467,000, according to the Bureau of Labor Statistics. That was higher than the 365,000 jobs economists surveyed by Bloomberg had expected employers would shed.
The BLS said job losses were widespread across the major industry sectors, with large declines occurring in manufacturing, professional and business services and construction. While the BLS called the 9.5 percent unemployment rate "little changed," the rate did climb from the previous month's rate, reaching a 26-year high. Still, the rise wasn't as steep as economists had projected. The number of unemployed persons (14.7 million) was little changed.
Since the recession started in December 2007, the number of unemployed persons has increased by 7.2 million and the unemployment rate has risen by 4.6 percentage point. Among the unemployed, the number of job losers and persons who completed temporary jobs (9.6 million) was little changed in June after increasing by an average of 615,000 per month during the first five months of the year, the BLS stated in its press release.
Unemployment will "remain painfully high for several more years," Federal Reserve Bank of San Francisco President Janet Yellen told Bloomberg this week. "I expect that we will turn the growth corner sometime later this year, but I am not optimistic that the economy will spring back to normal any time soon."
The only industry to add jobs was healthcare , which added 21,000 jobs during June. That's in line with the average monthly gain for the first five months of the year, but below the average gain of 30,000 jobs per month in 2008.
Average hourly earnings for production and nonsupervisory workers in the private sector were unchanged in June at $18.53. Over the past 12 months, average hourly earnings have risen by 2.7 percent. From May 2008 to May 2009, the Consumer Price Index for Urban Wage Earners and Clerical Workers declined by 1.5 percent.
Lita Epstein has written more than 25 books including Surviving a Layoff: A Week by Week Guide to Getting Your Life Back Together.
The BLS said job losses were widespread across the major industry sectors, with large declines occurring in manufacturing, professional and business services and construction. While the BLS called the 9.5 percent unemployment rate "little changed," the rate did climb from the previous month's rate, reaching a 26-year high. Still, the rise wasn't as steep as economists had projected. The number of unemployed persons (14.7 million) was little changed.
Since the recession started in December 2007, the number of unemployed persons has increased by 7.2 million and the unemployment rate has risen by 4.6 percentage point. Among the unemployed, the number of job losers and persons who completed temporary jobs (9.6 million) was little changed in June after increasing by an average of 615,000 per month during the first five months of the year, the BLS stated in its press release.
Unemployment will "remain painfully high for several more years," Federal Reserve Bank of San Francisco President Janet Yellen told Bloomberg this week. "I expect that we will turn the growth corner sometime later this year, but I am not optimistic that the economy will spring back to normal any time soon."
The only industry to add jobs was healthcare , which added 21,000 jobs during June. That's in line with the average monthly gain for the first five months of the year, but below the average gain of 30,000 jobs per month in 2008.
Average hourly earnings for production and nonsupervisory workers in the private sector were unchanged in June at $18.53. Over the past 12 months, average hourly earnings have risen by 2.7 percent. From May 2008 to May 2009, the Consumer Price Index for Urban Wage Earners and Clerical Workers declined by 1.5 percent.
Lita Epstein has written more than 25 books including Surviving a Layoff: A Week by Week Guide to Getting Your Life Back Together.
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Reader Comments (Page 1 of 24)
7-02-2009 @ 10:27AM
Meli said...
America wanted Change..America wanted Obama..What can you say?
Reply
7-02-2009 @ 10:27AM
FOXYLYNX said...
HOW'S OBAMANATION WORKING FOR YOU? HIGHER TAXES, LOWER STANDARD OF LIVING AND SO FAR HE HASN'T DONE A DAMN THING EXCEPT TALK!
Reply
7-02-2009 @ 3:36PM
reallyanewday said...
Well talk and SPEND!
7-02-2009 @ 10:07AM
garri5550 said...
Sure he has. Bailed out the banks so that they could get their Bonuses. Bail out the the auto makers for what? 1 billion to turn in your clunker and buy a new car. if you have a clunker that meets the require. Who can afford a new $40,000 dollar car. Sounds like ACORN only for auto's.
Reply
7-02-2009 @ 10:27AM
dave said...
A few questions for the backers of the current policies.
At what point does this become President Obama's economy?
When will the $787 Million stimulus start to make a difference?
Where are the 2.5 million jobs promised?
Construction jobs are down again, when do the infrastructure projects get started?
How will spending another trillion dollars that we don't have on health care reform help this situation?
Do you think we will see any improvement in the job market within the next two years?
Put another way, what comes first, job growth or rampant inflation caused by all the current (wasteful) spending?
How much more can State & Local Taxes, including property taxes, keep rising when people are taking pay cuts, facing job losses, and experiencing higher food and energy prices?
When does the housing market rebound and when will we see a significant reduction in foreclosures?
And finally, how much longer until anarchy is the rule?
PS: we still haven't seen the worst of the credit card melt down.
Reply
7-02-2009 @ 2:49PM
Bill said...
Dave, well said. If this economy was a baseball game, we could say that this is Barack's to win or lose. No need to go on vacation to Europe any more; soon, this Great Republic will be as Socialistic as Obama's buddies Brown and Sarkozy have made their countries. What a national disgrace this arrogant half black, half white man is.
7-02-2009 @ 10:15AM
Drew said...
Anger of the American populace notwithstanding, this WON'T be the end of it - the "Climate Bill" will raise prices on electricity and gasoline, slowing the economy even further, and we will lose another 500,000 jobs when it passes - notice I said "when" and not "if" - Obama will strongarm his bill and use Chicago politics to accomplish his goals - despite the fact his goals have already been tried and failed over in Europe. My bet is that we won't have to worry much longer - once he decided to bail out California, the Chinese will dump their Treasury Bonds en masse and we will be a broke, defenseless, Third World Nation - and worse, take the American population with him - but Hitler did the same thing, didn't he??
Reply
7-02-2009 @ 3:13PM
cb said...
Hit the nail on the head with this post!
7-02-2009 @ 10:27AM
James Bruntz said...
Change we can believe in. Hell I believe. I'll keep my money and guns, the libs can have the change.
Reply
7-02-2009 @ 2:51PM
JIm said...
How profound......where did you read that ? In a comic book.
7-02-2009 @ 11:04PM
Tony said...
I'm sure he didn't read it on bumper stickers, the liberals holy grail of information. Bush lied, people died is an example that I'm sure you'll think is so profound.
7-03-2009 @ 2:24AM
Robert said...
"Change we can believe in." President "Yomama" must of had a turd in his pocket. What a joke, wait,......... plus what 140 million other "Jokes" that voted for him. The white house has turned back into the "Waffle House". Talk, Tax and Spend, - Talk, Tax and Spend - Talk, Tax and Spend. Repeat after me all you Dumbocraps - Talk, Tax and Spend. Stupidity should be taxed. Oh.........It Is!!!
7-02-2009 @ 10:27AM
Deela said...
WOO HOO! How's that CHANGE workn' for you all now?
Wait 'til 2010....you ain't seen nothn' yet.
Reply
7-02-2009 @ 10:26AM
dajt57 said...
the posts blaming obama for everything that has been happening since he was sworn in can all be ignored.
Reply
7-03-2009 @ 7:55AM
07 Shelby said...
Your right, this didn't all start with Obama, it started with Clinton. Remember Nafta that he pushed through? Everyone forgets the economy was in the hole when Bush took over. Things got much better until he started in on Iraq. Bush just put off the inevitable of flawed Clinton policy and now it has come back to haunt us. What we are seeing is the total effect Nafta has had on the economy. It opened the doors wide open to greed on wall street and the banking industry. With that being said, let's see if Obama can pull our asses out of this jam that his party started years ago. With the industrial base of this country destroyed, it isn't going to happen. Industrial strength is what made this country great. During WWII, we were able to build 70 aircraft escort carriers, 100's of escort ships, guns, trucks and planes to supply the world, in a matter of 24 mos. Now we can't even make a couple hundred armored hummers to protect our troops. The destruction of our industries are a threat to our national security and we better wake up fast before it comes back to bite us in the ass!
7-02-2009 @ 12:19PM
seedholm said...
about time
7-02-2009 @ 3:19PM
jack said...
only if you're an idiot and like to put your head in the sand.... i was being polite.... you're probably investigating your belly button.... from the inside.
7-02-2009 @ 10:34AM
Jim said...
dajt57,
You're a real bright cookie.
Reply
7-02-2009 @ 10:34AM
Drew said...
Dave, you are right on - this new "cap and trade" bill (the Climate Bill) also establishes that states will regulate housing - from private to public - be "green"/energy efficient, which most are not - they will have to be bulldozed and rebuilt with new technology, but where do you put the people in the meantime? Tent Cities? FEMA Camps? Add to that the banks will strangle anyone with a credit card or a bank account with fees (I just saw the letter from my daughter's bank telling her they will charge $7.00 per month on her savings account if there is no activity EVERY thirty days - so if she goes two months without any activity, that's 14 dollars - for a bank using her 5K college money to make ITSELF money. Time to get off the merry go round - cut up all the cards, tell Goldman Sachs to go to hell - I would say live like the Amish, but they got busted by the Wall Street Journal yesterday for living "la vida loca" in Elkhart, Indiana - and they had $50/hour jobs in RV building, didn't save a dime of it! And on the inflation, hyperinflation will happen first - especially if Obama bails out California, then to be followed by the other states.
Reply
7-02-2009 @ 10:31AM
Damn Mad said...
I voted for McCain but have been supporting Oboma; kicking him while he was trying to pull us up would not help anyone. But now I think it's time to start kicking - we are in deep s*#t!
Reply