US Sheds Jobs for First Time This Year

It's the first monthly decline in 2010
By John Johnson,  Newser Staff
Posted Jul 2, 2010 7:55 AM CDT
Job applicants fill out forms at a jobs fair in San Francisco.   (AP Photo/Eric Risberg)
camera-icon View 1 more image

(Newser) – Today's unemployment numbers from June delivered generally bleak news and suggest that the economic recovery is slowing, reports the Wall Street Journal. The unemployment rate actually dipped from 9.7% to 9.5%, but the US economy lost jobs (125,000, mostly because census workers' temporary positions were cut) for the first time all year. The private sector added only 83,000 jobs, fewer than expected.

"We need unprecedented rates of growth to get out of this hole in a reasonable amount of time," said the chief economist at the Department of Labor. "It's hard to overstate how deep the hole is."

My Take on This Story
Show results without voting  |