Job News

For the sixth month in a row, employers in the U.S. continue to cut employees, jobs. Losses this year near the half-million mark.

The Labor Department reported today that 62,000 jobs were lost in June -- equaling the job loss figure for May, which was revised higher from the original estimate of 49,000.

June's job losses, along with the revised figures, results in a startling 438,000 jobs lost in the economy so far this year. The unemployment rate held steady at 5.5 percent.

Job losses were found in manufacturing, which lost 33,000 jobs; construction, which lost 43,000 jobs; business and professional services, which cut 51,000 jobs; and retailing, which cut 7,500 jobs.

On the positive side, job gains were seen in several sectors, including: government employers, which added 29,000 jobs; education and health services, which also added 29,000 jobs; and leisure and hospitality, which added 24,000 jobs.

In related employment news, the four-week moving average for initial unemployment claims neared the 400,000 benchmark for an economy in a full recession, hitting 390,500 -- the highest level since 2005, shortly after Hurricane Katrina.

Jobless Claims Report
The news, from the U.S. Department of Labor, was that initial jobless claims last week held steady from the previous week -- at 384,000. The more widely examined number, the four-week average of first-time claims, was at 378,250 -- the highest level since October 2005.

Most experts note that whenever the jobless claims number is above 350,000 that it is a sign of a very weak job market -- something we all probably know.

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