U.S. June Nonfarm Payrolls Decline 62k, Unemployment Rate Remains at 5.5%
Wednesday, July 9, 2008
U.S. nonfarm payrolls declined for the sixth straight month, falling in line with expectations by a total of 62k jobs in June, according to the Bureau of Labor Statistics on Thursday. May's jobs figure was revised to a loss of 62k jobs from an initially reported loss of 49k jobs.
The unemployment rate remained at 5.5% following the half-percentage point surge in the rate last month.
Nonfarm payrolls were expected to fall by 60k jobs in the month, with expectations ranging from -20k to -130k jobs. Also, economists expected the unemployment rate to have overshot last month and to come back down slightly to 5.4%.
So far this year, the U.S. economy has shed 438k jobs.
Average hourly earnings rose 0.3% from May, while the average weekly hours worked remained at 33.7.
Total private jobs lost 91k in the month, with the goods-producing sector losing 69k, construction falling by 43k, and manufacturing losing 33k. The business services sector lost 51k jobs, while the financial sector also saw a loss of 10k.
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