9.2% Unemployment As Job Hiring Nears A Standstill
The June jobs report has just been released and the numbers are not what we’d expect to see 2 years after experts said the recession ended. Employers added the fewest numbers of jobs in June than they had all year with a net jobs total of just 18,000 according to the Labor Department.
May numbers for net jobs were also revised and pushed down to just 25,000, bringing our total unemployment rate up to 9.2% overall.
The gloomy numbers come after businesses added an average of 215,000 jobs per month in the three months preceding May and June.
According to analysts the gloomy outcome of the last several months is partly to blame on high gas prices, a weak housing market and the Japan crisis which has cut off many supply chains for businesses.
The report also finds that the average hourly was declined last month with after-tax incomes when adjusted for inflation remaining flat this year.