Thursday, July 3, 2008

Workers Face Woes Beyond Job Losses

In the Wednesday morning WSJ newspaper, the forecast was:

The Bureau of Labor Statistics releases June employment data Thursday morning. Economists figure nonfarm payrolls contracted by 55,000 jobs and that the unemployment rate fell to 5.4%, unwinding a bit of May's half-percentage-point jump.

Actual announcement:

U.S. nonfarm payrolls shrank for a sixth consecutive month, decreasing by 62,000 jobs in June, as businesses retrenched in the face of rising costs and a weak economy. The month's unemployment rate held at 5.5%, after rising sharply in May.

55,000 and 5.4%
62,000 and 5.5%

7,000 more jobs lost than forecast, and unemployment rate stayed at five and a half percent.

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