June Jobs Report Disappoints: Just 80k Jobs Created, Unemployment Stable At 8.2%
On Friday morning, the Bureau of Labor Statistics released the much anticipated June jobs. It showed only 80,000 jobs were created in June and the unemployment rate was stable at 8.2 percent.
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Private payrolls increased by 84,000 jobs while manufacturing jobs expanded by just 11,000. April’s jobs report was revised down by 9,000 jobs while May’s disappointing report was revised up by 8,000 jobs.
The report is an improvement on May’s numbers but not enough to suggest that the jobs market is coming back. Last month, the unemployment rate rose to 8.2 percent on the back of that weak jobs report.
Economists told Dow Jones Newswires that they expected between 90,000 and 100,000 new jobs to be added to America’s payrolls in June.
The Washington Post outlines how hard the last three summers have been on the economy – and, by extension, President Barack Obama’s political fortunes.
In the Summer of 2009, the economy continued to shed jobs only to rebound in the early months of 2010 – but by that summer, the economy had stalled out again. The economy added just 92,000 jobs in June and the same number in July of 2010. In June 2011, 102,000 jobs were added. That shot up dramatically in July when 175,000 new jobs were added to the economy, but those gains stalled in August when just 52,000 new jobs were created.
CNBC’s John Harwood called this quarter “the weakest jobs-adding quarter in two years.” He also said the report is bad news for the Obama administration which had been arguing that public sector payrolls shrinking created a drag on the economy, but only 4,000 jobs were down in the public sector.
“A very disappointing report for the Obama administration and, of course, for the country,” said Harwood. “Not good news for the American economy.”
Watch the jobs numbers and a panel discussion via CNBC:
