Friday, July 2, 2010

June 2010 Unemployment : 9.5%

Nonfarm payrolls increased by 125 thousand in June. The economy has lost 170 thousand jobs over the last year, and 7.5 million jobs since the recession started in December 2007.

Ex-Census hiring, the economy added 100,000 jobs in June. The unemployment rate fell to 9.5 percent...

For the current employment recession, employment peaked in December 2007, and this recession is by far the worst recession since WWII in percentage terms, and 2nd worst in terms of the unemployment rate (only early '80s recession with a peak of 10.8 percent was worse).

The decrease in the unemployment rate was because of a decline in the participation rate - and that is not good news. Although better than May, this is still a weak report.


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