The Bureau of Labor Statistics reported that non-farm payroll employment continued to decline in June (down 467,000 jobs), reports Jeff Testerman of www.brokerhunter.com. “This was a disappointing increase in job loss after May’s relatively benign report,” Testerman says.
There were a few bright spots, though, including the upwardly revised employment numbers for April and May which added 40,000 jobs. Moreover, when viewed on a quarterly basis, the trend is improving: During the second quarter of 2009, 1.3 million jobs were lost vs. 2.1 million jobs in the first quarter of the year.
Job losses were widespread across the major industry sectors, with large declines occurring in manufacturing, professional and business services, and construction.
The unemployment rate (9.5 percent) was little changed in June, according to Testerman. Since the start of the recession in December 2007, the number of unemployed persons has increased by 7.2 million, and the unemployment rate has risen by 4.6 percentage points.