Marie_M
July 4th, 2008, 12:51 AM
62,000 jobs lost, off nearly half-million for year
WASHINGTON - The nation lost jobs for a sixth month in a row in June, a storm of pink slips drenching this year's July Fourth holiday for more than 60,000 Americans and leaving thousands more worried about the future.
Weighed down by energy prices and the housing crisis, employers laid off workers in stores, factories and forsaken building sites.
With more job cuts expected in coming months, there's growing concern that many people will pull back on their spending later this year when the bracing effect of the tax rebates fades, dealing a dangerous setback to the shaky economy. These worries are rekindling recession fears.
"The deteriorating jobs climate will dampen many a barbecue this weekend. It's hard to celebrate when you are out of a job," said Richard Yamarone, economist at Argus Research.
In June alone, employers got rid of 62,000 jobs, bringing total losses so far this year close to a staggering half-million — 438,000, according to the Labor Department's report released Thursday. The economy needs to generate more than 100,000 new jobs a month for employment to remain stable...
http://news.yahoo.com/s/ap/20080703/ap_on_bi_go_ec_fi/economy
WASHINGTON - The nation lost jobs for a sixth month in a row in June, a storm of pink slips drenching this year's July Fourth holiday for more than 60,000 Americans and leaving thousands more worried about the future.
Weighed down by energy prices and the housing crisis, employers laid off workers in stores, factories and forsaken building sites.
With more job cuts expected in coming months, there's growing concern that many people will pull back on their spending later this year when the bracing effect of the tax rebates fades, dealing a dangerous setback to the shaky economy. These worries are rekindling recession fears.
"The deteriorating jobs climate will dampen many a barbecue this weekend. It's hard to celebrate when you are out of a job," said Richard Yamarone, economist at Argus Research.
In June alone, employers got rid of 62,000 jobs, bringing total losses so far this year close to a staggering half-million — 438,000, according to the Labor Department's report released Thursday. The economy needs to generate more than 100,000 new jobs a month for employment to remain stable...
http://news.yahoo.com/s/ap/20080703/ap_on_bi_go_ec_fi/economy