June NFP = +18,000

The June jobs report came out this morning and it was a disaster. The economy created just 18,000 jobs last month and the unemployment rate rose to 9.2%.

Wall Street was expecting a gain of 105,000 jobs which isn’t that strong to begin with. On top of that, the number of jobs created in May was revised down to 25,000.

Factory payrolls rose by 6,000 in June after a 2,000 decline in the previous month.

Employment at service-providers increased 14,000 in June, the least since a decline in September. Construction employment fell 9,000 workers and retailers added 5,200 employees.

Government payrolls declined by 39,000 in June, the eighth straight decline. Employment at state and local governments declined by 25,000.
Average hourly earnings fell 1 cent to $22.99, today’s report showed. The average work week for all workers dropped to 34.3 hours, from 34.4 hours the prior month.

The so-called underemployment rate — which includes part- time workers who’d prefer a full-time position and people who want work but have given up looking — increased to 16.2 percent from 15.8 percent.

Posted by on July 8th, 2011 at 10:00 am


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