467,000 Jobs Lost in June
The Labor Department reported Thursday that U.S. employers cut 467,000 jobs in June. The unemployment rate climbed to 9.5 percent, which is nearly a 26-year high. Reuters reports that the jobs cuts were 100,000 more than Wall Street economists had been expecting. The economy has now lost 6.5 million jobs since the recession began on Decemeber 2007.
The AP says jobs cuts were widespread covering most sectors. Only education and health services added jobs.
Professional and business services slashed 118,000 jobs, more than double the 48,000 cut in May. Manufacturers cut 136,000, down from 156,000. Construction companies got rid of 79,000 jobs, up from 48,000 the previous month. Retailers eliminated 21,000, up from 17,600. Financial activities cut 27,000, following 30,000 in May. The government cut 52,000 jobs, up from 10,000 the previous month. Leisure and hospitality cut 18,000 jobs, erasing a gain of the same size in May.
One of the few industries adding jobs: education and health services, which added 34,000 positions last month and 47,000 in May.
The big June figures are a clear sign that the pace of layoffs is not slowing down. U.S. News provides a good Q&A on what this latest jobs report means here.
Posted on July 2, 2009
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