That’s the highest number since 1983. We lost 467,000 non-farm jobs in June which was worse than analysts had predicated. The average working week is 33 hours, that’s the shortest week since the Labor Department started keeping track (1964).
And the construction industry lost 79,000 jobs:
For the specific industry sectors tracked by the government, manufacturing and professional and business services took the brunt of the pain in June. Manufacturing jobs contracted by 136,000 people, while construction jobs shed 79,000 people. Retail lost 21,000 people while the business service industry shed 118,000 jobs.
The number of part-time workers who want to work full time has doubled since the beginning of the recession:
The number of people considered “involuntary part-time” workers, or citizens wanting to work full time but for job or economic reasons cannot do so, remained at 9 million people. That figure is up 4.4 million from the start of the recession.
Total unemployment, which includes involuntary part-time and discouraged workers among others, rose to 16.5% – showing that this recession has impacted about one of six workers in the U.S.
So, it looks like the president’s stimulus package hasn’t lived up to his hype, maybe that’s why he’s losing support among Independents.
So, what do you think? Obama doing a good job on the economy or it’s really not his fault since it’s beyond his control? Or is it all Bush’s fault?
And then there’s this:
@markknoller Though WH thinks worst job losses may be behind us, still expects the unemployment rate to hit 10% in next month or two.
Um…if they’re expecting 10% unemployment the worst hasn’t happened yet, right? And remember this is from the same guy who promised that if they passed the stimulus, unemployment wouldn’t go above 8%. Yeah, this is what you get when you accept the economic predictions of a politician.