Nonfarm payrolls rose only 18,000, the weakest reading since September, the Labor Department said on Friday, well below economists' expectations for a 90,000 rise.
The unemployment rate climbed to a six-month high of 9.2 percent, even as jobseekers left the labor force in droves, from 9.1 percent in May.
"The message on the economy is ongoing stagnation," said Pierre Ellis, senior economist at Decision economics in New York. "Income growth is marginal so there's no indication of momentum.
The government revised April and May payrolls to show 44,000 fewer jobs created than previously reported.
That laser-like focus on jobs the Republicans promised when America voted them into power? Yeah, still waiting on that. Remember, the GOP jobs program is to cut corporate taxes on corporations already paying zero taxes. Jobs bills, zero. Abortion bills? Dozens. Focus, people!
Meanwhile, U-6 is up to 16.4% again. Not good.
No comments:
Post a Comment