Employers Cut 467,000 Jobs, Unemployment Applications Fell to 614,000 Thursday, July 2, 10:41 AM ET
Bad numbers on the unemployment totals for June. Employers cut 467,000 jobs last month, higher than analysts expected, bringing the unemployment rate to 9.5 percent. Some analysts expected unemployment to hit 9.6 percent.
The Labor Department also said June's payroll reductions were deeper than the 363,000 that economists were predicting.
14.7 million people were unemployed in June. Since the recession began in December, the economy has shed a net total of 6.5 million jobs.
The numbers for unemployment in June were higher than May, but lower than April's big cut of 519,000, revised from 504,000. According to the report, it appears, hopefully, that the largest layoffs have passed, with 741,000 jobs being eliminated in January.
In other related news...
Newly laid-off workers filing applications for unemployment benefits fell last week to 614,000, on target with analyst predictions. Continuing claims surprisingly dropped to 6.7 million.
While construction companies, leisure and hospitality services, and manufacturers, among others are slashing jobs, two sectors seeing growth: health services and education.
The average hourly work week fell to 33 hours in June, the lowest since 1964. The current recession, according to economists, is now the longest since World War II.
Workday Larger Than S&P 500 Component Copart Thursday, April 25, 4:47 PM ET, by Market News Video Staff In the latest look at stocks ordered by largest market capitalization, Russell 3000 component Workday ...
Vaxcyte Larger Than S&P 500 Component Ralph Lauren Thursday, April 25, 4:47 PM ET, by Market News Video Staff In the latest look at stocks ordered by largest market capitalization, Russell 3000 component Vaxcyte ...
Any ideas and opinions presented in all Market News Video clips are for informational and educational purposes
only, and do not reflect the opinions of BNK Invest, Inc. or any of its affiliates, subsidiaries or partners.
In no way should any content contained herein be interpreted to represent trading or investment advice.
None of the information contained herein constitutes a recommendation that any particular security, portfolio,
transaction, or investment strategy is suitable for any specific person. All viewers agree that under no
circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held
liable for any loss or damage caused by your reliance on information obtained. Read Full Disclaimer.
X
Wait! Don't leave yet.
Want to receive our latest research absolutely free?
⤹
Click the button below for your complimentary copy of Your Early Retirement Portfolio: Dividends Up to 8.7%—Every Month—Forever.
You'll discover the details on 4 stocks and funds that pay you massive dividends as high as 8.7%.