Skip to comments.467K jobs cut in June; jobless rate at 9.5 percent
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 ...
I don’t. I believe the number is at 10% at least. And where are all the stories about the “underemployed” numbers we kept hearing about in the early 2000’s?
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
Note that for the past several months, they are saying there is 300,000 plus jobs lost, but the TOTAL jobs are at nearly 700,000. The 300,000 jobs are NON-FARM jobs meaning that for the past several months, nearly 400,000 jobs lost are FARM JOBS??
Something is fishy here. It’s summer and they are losing 400,000 “farm jobs” a month?
ah, there we have it. Also I don't think the official rate counts the self-employed, like small business owners and independent contractors (Realtors, mortgage brokers) who have been driven out of business or who are living on credit cards hoping to ride this economy out.
Here's the number I believe:
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 IS 16.5 percent in June, the highest on records dating to 1994.
“... showed that even as the recession flashes signs of easing ...”
And what “signs” are those?
Nothing like good old bias in the media... Constantly trying to give a positive spin to the news when it is their guy in charge. For Bush it was nonstop talking down of the economy.
Well this is certainly change
“June’s payroll reductions were deeper than the 363,000 that economists expected.”
D-OH!!! Fooled again!
Yep.... it's quite a change from the 8.3 million jobs created under Bush
With that pic at #9, all we needed to see along with the sign is a bevy of “workers” lounging around by the road, like they usually do.
Total net job losses under zer0:
This phony number does not include the unemployed whose benefits have run out....literally millions more.
When will the news media level with the American people? When the media companies have to cut their Washington press corp reporters, I suppose.
Anyone who believes this number please raise your hand.
Anyone else seem to notice that the MSM appears to be giddy with delight every time unemployment numbers go up???
“With that pic at #9, all we needed to see along with the sign is a bevy of UNION workers lounging around by the road, like they usually do.”
Interestingly enough, I draive in 2 of those projects every day; one in Cook County and the other in Will County.
The advertised start-dates were not delayed, and the work appears to be progressing in a timely manner. When they finish, the contractors will have to lay-off the short-term workers they hired.
Exactly. They bashed Bush about “LOW WAGE” jobs that were replacing “good manufacturing jobs”. Under Obama Minimum Wage jobs will be hailed and celebrated.
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.