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.
One of the few industries adding jobs: education and health services.The worst crises in the housing, credit and financial markets since the 1930s have plunged the country into the longest recession since World War II.
SHOOT: The biggest cuts come from manufacturing. Er...that's car building. Followed by construction. Er...that's house building. And no mention is made of the insigator behind all this financial and economic haemoraging: high energy prices. They caused this and when the economy turns the corner, will break it into even smaller pieces. Why? Because we've reached the limits to growth in a finite world. And we've also reached the carrying capacity in terms of our own population. From here on out it is permanent contraction, including the contraction of the size of human populations. We're in for a grim finale. [Sorry if that sounds 'too negative' for you.]
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.
Since the recession began in December 2007, the economy has lost a net total of 6.5 million jobs.
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Obama’s ill-advised $700B+ "stimulus" program is a train-wreck: these jobs figures are far worse than the ones the White House warned us about if we DIDN’T pass the bill- so it was passed, and then unemployment soars anyway?
ReplyDeleteInstead of creating jobs, interest rates were bumped up, the dollar slid... and it didn’t help anybody get any work. Much of this is due to the fact that Obama’s radical agenda has mortified almost every machine of job-and-growth creation in the country.
The One couldn’t deliver the type of "temporary, targeted, and timely" bill that he promised repeatedly- regardless of his image in the MSM as omnipotent, Obama simply lacks the the political stature to control Pelosi and Reid… who hit the trough hard, while bickering like siblings.
And the lack of GOP co-conspirators exposed Obama politically… this legislation now looks to be a HUGE gamble. When all this pork-n-welfare fails to generate any real economic gains, the Democrats will face a bloodbath in 2010.
One could even make the argument that Obama knows his legacy will be in tatters by 2012… and is just ramming through as much of his far-left agenda as he can before the day comes when people cringe at the mere mention of his name… sure seems like it.
http://reaganiterepublicanresistance.blogspot.com/