Source: BLS
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So much for the green shoots: Let’s take a closer look at the 467,000 job losses in June:
• Recession Job Losses = 6.5 million since December 2007;
• Total number of unemployed persons (14.7 million); from the start of the recession, the number of unemployed persons has increased by 7.2 million;
• Unemployment rate rose 0.1% to 9.5% –its highest level in over 25 years (August 1983);
• U6 Measures — marginally attached and involuntary part-time workers — was 16.5%;
• Temporary employment fell by 37,600;
• Hours worked fell 0.8%, bringing the average workweek down 0.1 hours to 33; This is a record low going back to 1964;
• Average hourly earnings were flat at $18.53;
• Birth Death Adjustment contributed 185k in June 2009 (versus 165k in June 08)
• The gap between men’s and women’s unemployment rate is 2.5% — Men are at 10.5% versus women at 8% — is the highest it’s ever been since records were kept in 1948.
That word “unexpectedly” has crept back into MSM reports of economic data. I wonder if that happened during the Depression . . . ?
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