Bad news! Another 467,000 jobs were lost according to the latest report. This is much worse that last month's loss of 322,000, and brings into question whether the stimulus programs are working to jump-start the economy. Obviously they are not doing the job. The unemployment rate rose to 9.5% from 9.4%.
Analysts had expected a much better report. Alan Ruskin of RBS Greenwich Capital said: "if you were betting on the U.S. driving a vigorous recovery, think again. ... The unemployment report can largely be taken at face value, and the face value story is a labor market that is not improving nearly as rapidly as the May data suggested."
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