The U.S. economy lost jobs for the first time this year in June, as hiring by modest businesses only partly offset the end of temporary Census jobs.
The Labor Department on Friday reported a net loss of 125,000 jobs overall in the month. That was due primarily to the loss of 225,000 census jobs that had swelled payrolls by 433,000 net jobs in May. Economists surveyed by Briefing.com had forecast a loss of 100,000 jobs in June.
Business hiring rebounded to 83,000 in the latest reading, which was a bit weaker than hoped, from a revised total of 33,000 jobs in May,
Besides the loss of census jobs, state and local governments cut 10,000 jobs in the month. That, and the gain of 27,000 non-census jobs by the federal government, lead to the overall loss in jobs.
The unemployment rate fell to 9.5% from 9.7% in May. Economists had forecast it would climb to 9.8%. But the improvement was due mostly to many discouraged job seekers not bothering to look for work during the month and no longer being counted as in the labor force, not because of any gain in jobs.
(Source: CNN)
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If anyone of us would have used the math used by Team Obama while in school, we would have thrown out!
If we would used it in our business, we would be arrested for scamming!