June Employment Report Disappoints Economists
July 3rd, 2010 - 7:01 pm ICT by GDBy Meena Kar
Washington, July 3, (THAINDIAN NEWS) On Friday, the U.S. Labor Department released the June employment report which brought in front of the U.S. citizens the stark reality that the economy post recession is not growing as it was anticipated and if the scenario remains as it is at present, it might perhaps take years to fulfill the 7 million plus job deficit. Although this time the report showed a drop in the number of unemployed work force and also marked a rise in the private sector jobs, it also came forward with a data which revealed that large number of people had to lose their job last month making the job scenario all the more grim.
As per the employment report, last month 125,000 were made jobless by their employers which is the greatest since October. The Labor Department maintained that the surge in the job cuts was due to the end of temporary census jobs that numbered 225,000. However, reports claim that the percentage of unemployed in United States dropped to 9.5 percent which is the lowest since July 2009. This percentage according to the Labor Department, dipped as around 650,000 people gave up their job hunts and withdrew their names from the list of the work force. The Department does not count those people as jobless who opt out from the job hunt.
For the sixth consecutive month the private-sector added 83,000 workers but the number, according to many economists, is not satisfactory. The chief U.S. economist at IHS Global Insight, Nigel Gault said to the media sources that the situation could have been worse but the present scenario is also not good enough. According to him, people are quitting from the job hunt thinking that there is nothing in store for them.
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- South Korea's jobless rate drops in October - Nov 09, 2011
- US job creation stalls - Sep 03, 2011
- New jobless claims in US at lowest level in nine months - Dec 09, 2011
- U.S. unemployment rate drops to 8.1 percent, lowest in 3 years - May 05, 2012
- Unemployment rate drops to 9.4 - Jan 14, 2011
- South Korea's jobless rate falls - Mar 14, 2012
- US unemployment claims at 3 1/2-year low - Dec 16, 2011
Tags: census, citizens, economist, economists, economy, employment report, gault, global insight, job cuts, jobs, kar, labor department, media sources, private sector, recession, stark reality, unemployed work, united states