The loss of 467.000 jobs in June is far more Than Expected, and reverses a trend in the monthly Losses Which HAD Been shrinking steadily from a January peak.
WASHINGTON - After four straight months of encouraging signs, the nation's paro picture has Unexpectedly Darkened - a sobering jolt to Hopes That Was getting the economy back on track.
The Unemployment rate edged up just a notch in June, to a 26-year high of 9.5%, the Government Reported Thursday. But the loss of payroll jobs 467.000 That made it clear the worst economic crisis Since the Great Depression Was far from over.
Was Not only the size of the payroll unexpected loss, it reversed a trend in the monthly Losses Which HAD Been steadily shrinking from the January peak of 741.000 jobs Eliminated. Those declines HAD Hopes Raised That might be an Approaching current turnaround. No longer.
"The green shoots in the job market are hard to find," said Sung Won Sohn, an economist at Cal State Channel Islands in Camarillo. Came across cutbacks Virtually Every major industry, Sohn noted. The latest report Since the recessive Means That Began in December 2007, the ranks of the Unemployed Have Almost Doubled to 14.7 million, and nonfarm Employers That Have Eliminated 6.5 million jobs.
The grim numbers dragged down stock markets around the world, with the Dow Jones industrial average falling 223.32 points, or 2.6%, to 8280.74.
The report Also Gave to Republican Politicians Criticize fresh Ammunition President Obama's $ 787-billion Economic Stimulus program as Ineffective in Creating jobs.
In a measure of just how bad the situation has Become Employment, the Economic Policy Institute in Washington said the current Economic decline erased the Accumulated payroll HAD Growth of the last nine years.
"This is the only Recession Since the Great Depression to wipe out all the jobs Growth from the previous business cycle," said institute economist Heidi Shierholz.
Obama Called for patience Officials administration and vowed to do whatever Was NECESSARY to revive the economy and the labor market.
"We're going to keep doing everything we dog to offset the pain and September this economy up for a robust expansion," said Jared Bernstein, chief economist and Economic Policy Advisor to Vice President Joe Biden.
Bernstein said I saw one large positive sign in the Labor Department's monthly report: With the June numbers, the pace of job Loss For the second quarter as a whole HAD fail to 436.000 a month, on average, down from an average monthly contraction of 691.000 jobs in the first quarter.
WASHINGTON - After four straight months of encouraging signs, the nation's paro picture has Unexpectedly Darkened - a sobering jolt to Hopes That Was getting the economy back on track.
The Unemployment rate edged up just a notch in June, to a 26-year high of 9.5%, the Government Reported Thursday. But the loss of payroll jobs 467.000 That made it clear the worst economic crisis Since the Great Depression Was far from over.
Was Not only the size of the payroll unexpected loss, it reversed a trend in the monthly Losses Which HAD Been steadily shrinking from the January peak of 741.000 jobs Eliminated. Those declines HAD Hopes Raised That might be an Approaching current turnaround. No longer.
"The green shoots in the job market are hard to find," said Sung Won Sohn, an economist at Cal State Channel Islands in Camarillo. Came across cutbacks Virtually Every major industry, Sohn noted. The latest report Since the recessive Means That Began in December 2007, the ranks of the Unemployed Have Almost Doubled to 14.7 million, and nonfarm Employers That Have Eliminated 6.5 million jobs.
The grim numbers dragged down stock markets around the world, with the Dow Jones industrial average falling 223.32 points, or 2.6%, to 8280.74.
The report Also Gave to Republican Politicians Criticize fresh Ammunition President Obama's $ 787-billion Economic Stimulus program as Ineffective in Creating jobs.
In a measure of just how bad the situation has Become Employment, the Economic Policy Institute in Washington said the current Economic decline erased the Accumulated payroll HAD Growth of the last nine years.
"This is the only Recession Since the Great Depression to wipe out all the jobs Growth from the previous business cycle," said institute economist Heidi Shierholz.
Obama Called for patience Officials administration and vowed to do whatever Was NECESSARY to revive the economy and the labor market.
"We're going to keep doing everything we dog to offset the pain and September this economy up for a robust expansion," said Jared Bernstein, chief economist and Economic Policy Advisor to Vice President Joe Biden.
Bernstein said I saw one large positive sign in the Labor Department's monthly report: With the June numbers, the pace of job Loss For the second quarter as a whole HAD fail to 436.000 a month, on average, down from an average monthly contraction of 691.000 jobs in the first quarter.
0 comments:
Post a Comment