467,000 jobs lost in the U.S. in June 2009

| 2 July 2009 08:32

Here is how the Bureau of Labor Statistics describes the situation.

THE EMPLOYMENT SITUATION: JUNE 2009

Nonfarm payroll employment continued to decline in June (-467,000), and the unemployment rate was little changed at 9.5 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Job losses were widespread across the major industry sectors, with large declines occurring in manufacturing, professional and business services, and construction.

Unemployment (Household Survey Data)

The number of unemployed persons (14.7 million) and the unemployment rate (9.5 percent) were little changed in June. Since the start of the recession in December 2007, the number of unemployed persons has increased by 7.2 million, and the unemployment rate has risen by 4.6 percentage points. (See table A-1.)

In June, unemployment rates for the major worker groups–adult men (10.0 percent), adult women (7.6 percent), teenagers (24.0 percent), whites (8.7 percent), blacks (14.7 percent), and Hispanics (12.2 percent)–showed little change. The unemployment rate for Asians was 8.2 percent, not seasonally adjusted. (See tables A-1, A-2, and A-3.)

Among the unemployed, the number of job losers and persons who completed temporary jobs (9.6 million) was little changed in June after increasing by an average of 615,000 per month during the first 5 months of this year. (See table A-8.)

The number of long-term unemployed (those jobless for 27 weeks or more) increased by 433,000 over the month to 4.4 million. In June, 3 in 10 unemployed persons were jobless for 27 weeks or more. (See table A-9.)

When I parse the data, I will have more details.

Source

Employment Situation Summary – BLS website

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Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages, a skill he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

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