June Job Cuts Worse Than Expected; Unemployment Rate at 9.5%
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U.S. nonfarm payrolls fell 467,000 in June, which was worse than the 365,000 drop economists on average were expecting. The unemployment rate was little changed at 9.5%.
In June, unemployment rates for the major worker groups - adult men (10.0 percent), adult women
(7.6 percent), teenagers (24.0 percent), whites (8.7 percent), blacks (14.7 percent), and Hispanics (12.2
percent) - showed little change. The unemployment rate for Asians was 8.2 percent, not seasonally adjusted.
In June, the average workweek for production and nonsupervisory workers on private nonfarm payrolls fell by 0.1 hour to 33.0 hours - the lowest level on record for the series, which began in 1964.
In June, average hourly earnings of production and nonsupervisory workers on private nonfarm payrolls were unchanged at $18.53. Over the past 12 months, average hourly earnings have increased by 2.7 percent, while weekly earnings have risen by only 0.9 percent, reflecting a decline in the average workweek.
The U-6, which some claim is the "real" unemplyment rate, jumped to 16.5% in June from 16.4% in May. It is up from 10.3% in June of 2008.
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16.5%!
Bunch of Lazy Bums
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Zack Turner on Jul 2, 2009 03:06 PMUnemployment has been increasing in the EU as well. (Source: http://www.marketnewsvideo.com/?id=200907Eurozone070209&mv=1 ) Really makes me wonder if things can change for the better any time soon.