Pro Farmer Editors
The nation lost jobs at a faster pace than economists expected in June, with the Labor Dept. today reporting nonfarm payrolls declined 467,000 in June. That compared to an expectation ahead of the data for a decline of 363,000 jobs.
The data means that the U.S. economy has lost 6.5 million jobs since the recession started in December 2007.
The nation's jobless rate also moved higher, rising to 9.5%, just under the 9.6% level that economists had anticipated. The AP reported that if laid-off workers who have given up looking for new jobs or have settled for part-time work are included, the unemployment rate would have been 16.5% in June, the highest on records dating to 1994.
Average hourly earnings were flat last month at $18.53, up just 2.7% from one year ago.
The average work week in June fell to 33 hours, the lowest on records dating to 1964.