U.S. Jobless Rate Climes to 9.2 Percent As Country Adds 18,000 Jobs In June

Fewer jobs where added in June for the United States, as the unemployment rate rose, adding concern to fears that an economic slump has taken hold and,  well the topic is further dashing hopes that a powerful recovery will be soon forthcoming.

In June only 18,000 jobs were added to the American economy, which is a blow to Wall Street expectations. Wall Street estimated between 90,000 and 140,000 added jobs– and the unemployment rate rose to 9.2 percent, according to the Bureau of Labor Statistics monthly employment report.

On Friday, May’s employment numbers were also revised downward, adding suggestion that this is more than just one month’s bad numbers. The unemployment rate rose to 9.1 percent in May and only 25,000 jobs were added to the entire U.S. economy, cutting the 54,000 added jobs the Bureau’s June report had estimated in half.  Simply to keep up with population growth, Labor experts say a bare minimum of 125,000 jobs must be added each month simply to keep up with population growth.

 

Average hourly earnings for all private sector employees decreased in June by 1 cent to $22.99 and the average workweek decreased by .1 hour to 34.3. Meanwhile, more Americans gave up looking for work altogether, as the labor force participation rate fell to a 27 ear low of 64.1 percent.

Capital Economics chief US  Economist Paul Ashworth is putting it in his terms : “June’s US employment report doesn’t have a single redeeming feature. It’s awful from start to finish.”