Only 18,000 new jobs were produced in the month, way below anticipations of a 90,000 rise, which had been elevated by strong private sector employing figures released on Thursday.
The unemployment rate also increased, to 9.2% from 9.1% a month prior.
President Obama said the report illustrated the US still had "a long way to go".
"We have additional two million new private sector jobs over the last 16 months, but the slump cost us 8 million," he said in an announcement at the White House.
"That means we still have a vast hole to fill."
The poorer-than-expected numbers sent international stock markets lower.
US markets initiated lower, with the Dow Jones down 87 points, or 0.7%, at 12,633. The dollar also dropped a cent against the euro.
The significant European markets all closed more than 1% down following the release of the statistics.
"Every element of this unsatisfactory report points to the US facing a joblessness crisis," said Mohammed El Erian, the investments chief at giant US fund manager Pimco.
Total joblessness in the US was massively unaffected versus a month earlier, at 14.1 million, although this is up by well over half a million since March.
Continuing joblessness at 6.3 million was same sluggish, as was the total of 8.6 million people working part-time because they could not locate full-time work.
"Everybody was searching for a bounce this month to endeavor to verify the truth that May's slowdown is an irregularity," said Alexander Hoder, economist at investments firm FTN Financial. "But it shows it will be longer than just one month."
The figures show that fewer than 50,000 jobs were created in the US economy in May and June. This represents a sharp slowdown from the 217,000 net new jobs created in April.
The slower June consequences were driven by ongoing layoffs by the public sector - where 39,000 jobs were lost - and a much weaker-than-expected 57,000 jobs produced in the private sector.
Employment by the federal government cut down 14,000 - its quickest fall since temporary workers hired for the census ended work last year.
"Employment in important private-sector industries altered little over the month," said the Bureau of Labor Statistics in its release.
The economic sector saw 15,000 job sufferers. In the meantime, manufacturing has not seen any major hiring in 13 months.
The facts also appeared that average hourly income down fall one cent to $22.99, as did the average number of hours worked per week, by 0.1 to 34.3 hours.
The weak data has enhances rumors that the US Federal Reserve may finally have to accept a third program of "quantitative reduction" - buying up debts in order to pump cash into the economy - only as its second such program has come to a finished.
No comments:
Post a Comment