- US employers cut 467,00 jobs in June, which was far more than the expected 350,000.
- The report showed a labor market that continues to struggle with a deep recession.
- June job losses were more than 30% greater than the consensus.
"It looks like the economy was still losing substantial momentum as the second quarter came to a close. This report is weak across the board. The only saving grace is that the decline in payrolls may not be as large as we saw at the start of the year." - William Sullivan (chief economist at the JVB Financial Group in Boca Raton, Florida)
- Steepest declines were in services, which fell 244,000 after a 107,000 drop in May.
- Professional and business services fell 118,000, while government employment fell 52,000.
- Manufacturing was one of the few sectors to show a smaller drop in June falling 136,000 after a 156,000 fall in May.
- Education and health services was the only industry to add jobs, with employment increasing by 34,000 jobs.
0 comments:
Post a Comment