American Morning

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July 2nd, 2009
11:40 AM ET

Job market takes turn for worse

NEW YORK (CNNMoney.com) - The battered U.S. labor market took a step backwards last month as employers trimmed more jobs from their payrolls in June, according to a government report Thursday.

There was a net loss of 467,000 jobs in June, compared with a revised loss of 322,000 jobs in May. This was the first time in four months that the number of jobs lost rose from the prior month.

The June job losses were also far worse than the forecast of a loss of 365,000 jobs by economists surveyed by Briefing.com.

The unemployment rate rose for the ninth straight month, climbing to 9.5% from 9.4%, and hitting another 26-year high. Economists had been expecting that the unemployment rate would hit 9.6%.

Nearly 3.4 million jobs have been lost during the first half of 2009, more than the 3.1 million lost in all of 2008.

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Filed under: American Morning • Economy
soundoff (5 Responses)
  1. Anthony Boston

    Now what!

    Since most of the companies here in the USA are owned my outside foreign entities. When it comes to preservation of the homelands work force most Americans are let go in favor of the companies origins. I have witness this first hand from a European company as the economy tighten up here in the USA over 2007 and 2008 I noticed more and more people from the companies homeland taking over American based positions here in the USA. Replace American workers with foreign exchange workers. This practice must stop either we stop outside corporations from buying American companies or we restrict foreign workers into this country. We should also heavily punish outside corporations if they layoff or dislocate workers.
    It seems we to have to learn things the hard way every time, we need bold action now to curb the American job loss and technology loss in our dear America.

    Sincerely,
    John Q Public

    July 6, 2009 at 9:52 am |
  2. Karen

    Well, of course we lost more jobs last month! Weren't you people listening when the President said that the stimulus money would create jobs if it was spent on "shovel ready" projects? The only people hired to do those "shovel ready" projects were already in that industry, the rest of us were going to lose! States are using the stimulus money to stay afloat while they pass more laws to tax everyone or raise taxes. What jobs???
    If you want to create jobs you don't do what the President says and tax businesses more they will just move out of the country and we can all go work at McDonald's or Walmart! Just continue to keep on your rose-covered glasses and when the country is so far in debt then take them off and blame him, but by that time it will be too late!
    Where is the transpanecy he promised but as failed to deliver? You elected a man who has never run a business or held a job that required him to live within his means. I mean really he made $4M, yes million last year, did you???

    July 3, 2009 at 5:16 pm |
  3. Bernice

    This is nothing more than a full govt takeover! This administration needs to be stopped by the American People! This is the worst presidential administration that I have EVER seen! Americans deserve better than this! VOTE HIM OUT!

    July 3, 2009 at 6:18 am |
  4. Kent in Clovis

    Yet our government agencies keep on hiring. Why is it that companies lay off people yet all these government agencies keep on hiring people. Who pays for that...you and me. No one wants someone to lose a job, but the drag on our economy by continuing to employ govnt workers with declining revenue streams is money that could be put into helping small businesses to hire more people that will create both economic growth and intellectual growth. Not sit behind a desk and do as little as possible state and fed workers.

    It's time to invest in america, not services that produce nothing as is the case with state and federal workers. In fact, these positions and agencies inhibit growth because they must justify their existance by praying on businesses and people who contribute to our society in a positive manner.

    Don't lose sight of the real cause of our downfall going forward.

    July 2, 2009 at 3:49 pm |
  5. Billy in Las Vegas

    well what do you expect? just where are the jobs going to come from?

    during the last two decades the Wall Street Weasels and Corporate Outsourcing Quislings have de-industrialized America by shipping manufacturing jobs first to Mexico under NAFTA and then to Communist China. what is left is either "do you want fries with that order" or "Welcome to WalMart" jobs that will NOT have the consumer buying power that middle class factory jobs used to.

    BUT I'm sure that the "free market" Republicans think that's just WONDERFUL.

    July 2, 2009 at 2:37 pm |