Job Losses Soar; Some Economists Expect Weak Growth for Years
U.S. employers slashed 467,000 jobs in June, far more than the 363,000 economists had expected, the Labor Department reported this morning (July 2). The unemployment rate edged up to 9.5%. Economists had expected 9.6%. Including laid-off workers who have given up looking for jobs or settled for part-time work, the unemployment rate would have been 16.5%. The average workweek fell to a record-low 33 hours. Yesterday, the private ADP employment report recorded a loss of 473,000 jobs in June. Bill Gross of Orange County's PIMCO, considered the nation's leading bond expert, now says that economic growth may be 1% or 2% for several more years, with consumer spending exceedingly weak.
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