Hiring slowed to a near-standstill last month. Employers added the fewest jobs in nine months and the unemployment rate rose to 9.2 percent.
The Labor Department says the economy generated only 18,000 net jobs in June. And the number of jobs added in May was revised down to 25,000.
High gas prices and supply-chain disruptions stemming from the Japan crisis and the weak housing market have slowed the economy. Average hourly wages declined last month. After-tax incomes, adjusted for inflation, have been flat this year.
Businesses added the fewest jobs in more than a year. Governments cut 39,000 jobs.
Hiring has slowed sharply in the past two months. The economy added an average of 215,000 jobs per month in the previous three months.
(Source: Fox News)
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2 Responses
Sure, the new job statistics are tainted as those are season jobs containing countless foreign students in learn and earn programs.
Frankly, I work at a place that employs students from Russia. The agency pays this company much of their salary and pays handsomely to the company to find cheap seasonal housing where about five of them share a room. Where do those funds come from? Russia? American tax payers??
Change you can believe in. Once a global leader now under obama a global apologizer. The stimulus did nothing. obama system is not working. People don’t respond to what is European socialism or worse yet communism in America. obama has to go