WASHINGTON — The overall unemployment rate remained at 5.5% inJune as businesses cut 62,000 jobs, the Department of Laborreported today.

|

The jobless rate remains the highest in four years and when ithit its current level in May, that represented the largest monthlyincrease in 22 years.

|

Wage growth was the slowest in June since September 2005. Hourlyearnings grew 3.4%, the lowest since early 2006.

|

Employment increased in food services, government, health careand mining. Employment decreased in manufacturing, construction,and professional and business services.

|

There was a slight decline in the average length of time ittakes an unemployed person to find work, from 17 weeks to 15.1weeks.

|

NAFCU Director of Research and Chief Economist Tun Wai saidwhile the unemployment numbers aren't as bad as some predicted,there is still cause for concern.

|

“There are weaknesses in the economy as shown by the negativejob creation,” he said. “It will take a while before the economyreaches its potential again.”

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.