The U.S. economy lost another 51,000 jobs in June, the U.S. Labor Department announced Thursday, a figure that suggests the world's largest economy continues to slow, but has not seen -- so far -- the massive job losses that have accompanied previous slowdowns/recessions.
Meanwhile, the unemployment rate rose to 5.7% in July -- the highest rate in four years.
Economists surveyed by Bloomberg News had expected the U.S. economy to shed 72,000 jobs and the unemployment to remain the same at 5.6% in July.
Further, June was the U.S. economy's sixth straight monthly job loss and brings total job losses in 2008 to 463,000, the Labor Department said.
Not good news, but not horrible, either
Economist Glen Langan took pains to underscore that the July jobs report was not good news, even as he, and perhaps other economists as well, were somewhat relieved that the July jobs report was not a debacle.
"It's by no means a strong report, as it continues to show a difficult job market, but it isn't a totally awful report either," Langan said.
Meanwhile, the unemployment rate rose to 5.7% in July -- the highest rate in four years.
Economists surveyed by Bloomberg News had expected the U.S. economy to shed 72,000 jobs and the unemployment to remain the same at 5.6% in July.
Further, June was the U.S. economy's sixth straight monthly job loss and brings total job losses in 2008 to 463,000, the Labor Department said.
Not good news, but not horrible, either
Economist Glen Langan took pains to underscore that the July jobs report was not good news, even as he, and perhaps other economists as well, were somewhat relieved that the July jobs report was not a debacle.
"It's by no means a strong report, as it continues to show a difficult job market, but it isn't a totally awful report either," Langan said.
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