07-03-2008, 11:17 AM
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Cheesesteak GURU! Wiz with
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Join Date: Mar 2008
Posts: 1,196
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Employers cut jobs for 6th straight month
Hmm..so this is what some consider a "shallow," "mild" "SLOWDOWN."  A hard landing in "shallow" waters I suppose if things continue the way they are...
Quote:
Employers cut jobs for sixth straight month; jobless rate holds steady at 5.5 percent
WASHINGTON (AP) -- Employers cut payrolls by 62,000 in June, the sixth straight month of nationwide job losses, underscoring the economy's fragile state. The unemployment rate held steady at 5.5 percent.
The latest snapshot of business conditions, released by the Labor Department on Thursday, showed continued caution on the part of employers who are chafing under high energy prices and are uncertain about how long the economy will be stuck in a sluggish mode, reflecting fallout from housing, credit and financial troubles.
Heavy job losses in construction, manufacturing and financial services, along with cutbacks in retailing, eclipsed job gains in education and health services, leisure and hospitality, and government.
...."The economy is at risk of a hard landing," said Brian Bethune, economist at Global Insight.
The number of unemployed people in June was 8.5 million, up from 7 million a year ago.
In a separate report from the department, the number of newly laid off people signing up for unemployment insurance rose sharply last week. New applications jumped by 16,000 to 404,000, the highest level since late March. The increase was bigger than economists were expecting; they were forecasting claims to rise to around 385,000.
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Source: http://biz.yahoo.com/ap/080703/econo...v=20&printer=1
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