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The nation gained only 18,000 jobs in June, and May gains were revised down from 54,000 to 25,000, the federal government announced today. Economists had expected 125,000 jobs in June — a stunning commentary on the economy's weakness or possibly on economists' incompetence. The unemployment rate rose to 9.2% in June, up from 9.1% in May, hitting the highest level since December. Once again, there is talk of a possible double-dip, or the economy going into, or nearing, another recession. In early trading, the stock market is down.
The nation gained only 18,000 jobs in June, and May gains were revised down from 54,000 to 25,000, the federal government announced today. Economists had expected 125,000 jobs in June — a stunning commentary on the economy's weakness or possibly on economists' incompetence. The unemployment rate rose to 9.2% in June, up from 9.1% in May, hitting the highest level since December. Once again, there is talk of a possible double-dip, or the economy going into, or nearing, another recession. In early trading, the stock market is down.