Jobless rate up to 9.2%
U.S. employment growth ground to a halt in June, with employers hiring the fewest number of workers in nine months, dousing hopes the economy would regain momentum in the second half of the year.
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.
[Source: CNBC, July 8, 2011]
Still wondering whether we’re in a double-dip recession?
~Eowyn & Steve