Grim Jobs Number Bursts Hope
Tweet
Share
E-mail
With expectations running high, Friday's June jobs report was a major disappointment for markets. The report from the government showed fewer jobs were created, government jobs contracted and past months were revised lower.
The Bureau of Labor Statistics reported the U.S. added 18,000 jobs in June and the unemployment rate was little changed at 9.2 percent. Economists had expected 105,000 job additions and an unemployment rate of 9.1 percent.
Private sector payrolls rose 57,000, which compares to the Street estimate of 132,000. The government sector lost 39,000 jobs.
The average workweek decreased by 0.1 hour to 34.3 hours in June. Average hourly earnings for all employees on private nonfarm payrolls decreased by 1 cent to $22.99
Adding salt to the wound, the change in total nonfarm payroll employment for April was revised down from +232,000 to +217,000, and the change for May was revised down from +54,000 to +25,000. That is a total of 45,000 less jobs.
Among major groups, unemployment rates for adult men was 9.1 percent, adult women 8.0 percent, teenagers 24.5 percent, whites 8.1 percent, blacks 16.2 percent, and Hispanics 11.6 percent. These rates were mostly unchanged from May.
The number of persons unemployed for less than 5 weeks increased by 412,000 in June. Long-term unemployed was basically unchanged at 6.3 million.
Stock futures sold off aggressively on the news with consensus numbers moving higher ahead of the report after Thursday's much-better-than expected ADP Employment Report.
The Bureau of Labor Statistics reported the U.S. added 18,000 jobs in June and the unemployment rate was little changed at 9.2 percent. Economists had expected 105,000 job additions and an unemployment rate of 9.1 percent.
Private sector payrolls rose 57,000, which compares to the Street estimate of 132,000. The government sector lost 39,000 jobs.
The average workweek decreased by 0.1 hour to 34.3 hours in June. Average hourly earnings for all employees on private nonfarm payrolls decreased by 1 cent to $22.99
Adding salt to the wound, the change in total nonfarm payroll employment for April was revised down from +232,000 to +217,000, and the change for May was revised down from +54,000 to +25,000. That is a total of 45,000 less jobs.
Among major groups, unemployment rates for adult men was 9.1 percent, adult women 8.0 percent, teenagers 24.5 percent, whites 8.1 percent, blacks 16.2 percent, and Hispanics 11.6 percent. These rates were mostly unchanged from May.
The number of persons unemployed for less than 5 weeks increased by 412,000 in June. Long-term unemployed was basically unchanged at 6.3 million.
Stock futures sold off aggressively on the news with consensus numbers moving higher ahead of the report after Thursday's much-better-than expected ADP Employment Report.
Create E-mail Alert Related Categories
Economic Data, Insiders' BlogRelated Entities
ADP Employment Report, Nonfarm Payrolls, Layoffs, EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
