US Department of Labor Mass Layoffs June 2009
Employers cut 467,000 jobs in June, far more than expected and up significantly from June 2008 and May 2009, and the jobless rate hit 9.5 percent, a 26-year high.
The report from the US Department of Mass Labor shows that job loss actually increased in June for the first time since January. The 467,000 job losses were up from 322,000 in May and far worse than the 363,000 economists were expecting.
More bad news from the Labor Department: the people that are employed are actually making less money. The falling wages can be credited to furloughs, pay freezes and pay cuts imposed by employers across the country. Many employers have also have cut hours. The average work week in June fell to 33 hours, the lowest on record, dating to 1964. All in all, June was not such a good month to be trying to make money in the US.
Critics of President Barack Obama and his stimulus plan got a little added ammunition with the report’s release. Many Republicans and conservative Democrats have been increasingly critical of the President’s stimulus bill and given the newest reports, their claims have gotten even louder.
Read the full report from the Labor Department below.
July 2, 2009
Government, Recession