It'd be outright spiteful to say that Barack Obama was supposed to turn around our nation's economic problems in only 5 months, but so far there isn't even a sign of progress. Meanwhile, Barry keeps telling us that his $800 billion stimulus plan is working?!? Including the couple of months as President-Elect, Barry's had almost a year to work on fixing this mess we're in, but instead things are getting worse and millions of Americans are suffering because of it. This isn't "change" we can believe in, it's pure and utter bullshit.
Employers cut more jobs in the U.S. in June causing unemployment to rise to 9.5 percent from 9.4 percent in May, the highest since August 1983.
The Labor Department report shows that in June employers slashed 467,000 jobs and hourly earnings were flat. In May the economy lost 322,000 jobs.
Factory payrolls fell by 136,000 after decreasing 156,000 the prior month. Payrolls at builders fell 79,000 after decreasing 48,000.
Retail payrolls decreased by 21,000. Financial firms reduced payrolls by 27,000.
In a separate report the Labor Department said the number of Americans filing first time claims for unemployment benefits last week fell in line with forecasts. Initial jobless claims dropped by 16,000 to 614,000 in the week ended June 27.
The average work week fell to 33 hours from 33.1 hours in May. Workers' average hourly wages held at $18.53 for a second month.