U.S. Nonfarm Payrolls decrease 62,000 in June. Unemployment rate steady. | CountingPips Forex & Currency Trading Blog

July 3, 2008 - Forex Economic News

U.S. Nonfarm Payrolls decrease 62,000 in June. Unemployment rate steady.

U.S. Nonfarm Payrolls employment data was released today and the report showed that jobs fell in the month of June. The Department of Labor nonfarm payrolls report fell by 62,000 jobs in June following up a decrease of 62,000 jobs in May and marked the sixth straight month of decline. The decrease of jobs in June was a little more than economic forecasts which had expected a decrease of between 55,000 to 60,000 jobs for the month. The unemployment rate was steady at 5.5 percent after last months jump from 5.0 percent to 5.5 percent as the number of unemployed workers was virtually the same as May at 8.5 million. The unemployment rate at the same time last year registered 4.6 percent with 7.0 million unemployed workers.

Construction and manufacturing continued to be hit by job losses in June as they lost 43,000 jobs and 33,000 jobs, respectively. Professional and business services led the job losses in June with 51,000 jobs while Education and health services(+29,000), leisure and hospitality(+24,000) and government jobs(+29,000) all showed gains for the month of June.

Tags: us employment, nonfarm payrolls, unemployment

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