Analysts had raised their job-growth forecasts for June to 100,000 or more in recent days, hopeful of a rebound after surprisingly few job gains in May, which many attributed to temporary factors such as Japan's earthquake and the spike in oil prices.
But, in fact, the growth of 54,000 jobs previously reported for May was revised down Friday to just 25,000. And the nation's payrolls followed that with a barely perceptible 18,000 new net jobs last month.
Friday’s jobs report was remarkable in that there was nothing positive in it. Manufacturing, instead of bouncing back up as many had expected, added a meager 6,000 jobs. Hiring in construction remained dismal. The once-fast-growing temporary-help industry shed jobs for the third month in a row. And budget-strapped government offices eliminated an additional 39,000 jobs from their payrolls. Services remained weak.
Even for those with jobs in June, there was bad news. The average weekly work hours declined by 0.1 to 34.3. And the average hourly earnings for all private-sector employees dropped by one cent to $22.99.
Things are even worse if you look at the Household survey (the survey used to determine the unemployment rate), where more than 440,000 jobs were lost during the month as individuals are flying out of the workforce. That figure takes into account the 59,000 teenagers finding jobs (not exactly the high paying jobs).
Source: BLS
I have a web site where I give advise on penny stocks and stocks under five dollars. I have many years of experience with these type of stocks. If their is anyone that is interested in these type of stocks you can check out my web site by just clicking my name. I would like to comment . I do not think that we will see real improvement in the economy until we see sustainable job growth. Recently the number of jobs created has been running around two hundred thousand a month.The GDP report that just came out recently was only 2% this is not nearly high enough to sustain employment growth of two hundred thousand jobs a month Another factor holding things back is stagnation of wages and benifits. This is good for business owners but terrible news for workers.
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