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Private payrolls rose less than expected in June and overall employment fell for the first time this year as thousands of temporary census jobs ended, showing the economic recovery is failing to gain traction.
But nonfarm payrolls, dropped 125,000 -- the largest decline since October -- as census jobs fell 225,000.
"Overall what this does is it reinforces the market's view that the U.S. recovery is losing steam," said Greg Salvaggio, vice president of trading at Tempus Consulting in Washington.
http://www.cnbc.com/id/38054214 (broken link)
Quote:
The US economy lost 125,000 jobs in June, more than economists had forecast, as thousands of temporary census jobs ended and private hiring grew less than expected.
Unemployment line
And though the unemployment rate unexpectedly fell to 9.5% from 9.7%, the lowest in a year, it was largely due to more people dropping out of the labor force.
In order to maintain position as young Americans become eligible to join the work force, we have to add 100,000 jobs a month. Anything less means we are falling behind.
"This jobs report is a disappointment for every family and every small business who heard President Obama declare just weeks ago that our economy is 'getting stronger by the day.' The writing is on the wall for President Obama's 'stimulus' policies and everyone – taxpayers, economists, and the rest of the world – sees it but him. How much longer are we going to continue with this disastrous spending spree that is scaring the hell out of the American people and piling debt on our kids and grandkids?" said Boehner.
The "less bad" and "unexpected" and not giving ALL the data seen in previous reports was missing.
The yahoo article was finally telling it like it is..that the UE rate dropped because over 600K people fell off the rolls. In the past months we would not have seen that data.
I did go and read the BLS report and it matched up with the Yahoo article.
Is the MSM finally waking up to telling us the truth without the candy coating of "less bad" ?
IMO if they are this is GOOD news. A dose of reality is what is needed now. Put the rah-rah pompoms away. The green shoots didn't take hold.
Well, due to obama's political, knee-jerk moratorium, tens of THOUSANDS WILL be lost.
First, how many jobs were lost as a direct result of the gulf oil spill?
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