Figures released Friday by the U.S. Labor Department show that the economy added only 18,000 more jobs than it lost last month. The nation’s unemployment rate climbed to 9.2 percent during the month of June.
Economic analyst John Quinterno of South by North Strategies, Ltd. says it’s clear that the American labor market is not healing itself and that policymakers must take employment issues much more seriously:
“The June employment report is a terrible one,” noted Quinterno. “Over the past three months, net job growth has averaged just 86,700 positions. This is not what a recovery looks like.”
While the private sector added more than 57,000 jobs, government payrolls fell by 39,000 positions. Cuts in local and state governments continued to be a dark cloud over economic recovery.
Last month, 14.1 million Americans were jobless and seeking work. The “U-6” rate, which measures the number underemployed workers, increased to 16.2% .
The figures are not good news for hundreds of public-sector workers in North Carolina who are being downsized with the implementation of the state’s new budget.
North Carolina’s unemployment rate for June will be released on July 22nd.