July 2 (Bloomberg) -- Employers in the U.S. cut 467,000 jobs in June, the unemployment rate rose and hourly earnings stagnated, offering little evidence the Obama administration’s stimulus package is shoring up the labor market.
The payroll decline was more than forecast and followed a 322,000 drop in May, according to Labor Department figures released today in Washington. The jobless rate jumped to 9.5 percent, the highest since August 1983, from 9.4 percent.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aZQyQN4Hcus4
We are approaching a very critical psychological point, if jobless rate is crossing 10%, confidence will be shaken badly. Bruised confidence will lead to less spending on top of people has no purchasing power because they got no jobs. Will see. I rather not to do any prediction on this one except watching this number diligently.
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