Mike Madriaga 6:30 p.m., May 3
Job Gains Shockingly Low. Double-Dip?
The nation gained only 18,000 jobs in June, and May gains were revised down from 54,000 to 25,000, the federal government announced today. Economists had expected 125,000 jobs in June — a stunning commentary on the economy's weakness or possibly on economists' incompetence. The unemployment rate rose to 9.2% in June, up from 9.1% in May, hitting the highest level since December. Once again, there is talk of a possible double-dip, or the economy going into, or nearing, another recession. In early trading, the stock market is down.
More like this:
- U.S. Adds Few Jobs in May, Unemployment Rate Rises — June 1, 2012
- Case-Shiller Data Suggest Possible Housing Double-Dip — March 29, 2011
- So-Called Recovery Sputters. Unemployment Rises, Jobs Barely Up — Dec. 3, 2010
- Scary Housing Numbers — Sept. 8, 2010
- National Economic Outlook Weakens on Bad Employment Numbers — Aug. 6, 2010