Unemployment & Payrolls Going The Wrong Way, Very Wrong Way!

Jobs

Published: July 8, 2011 8:41 am

The most recent job creation data from ADP was a total head-fake. The Labor Department has just released its June unemployment and jobs data, and it is dismal. The June unemployment rate has just ticked up to 9.2% from 9.1% in May and the payrolls creation was a mere 18,000.

Consensus estimates were 9.1% for unemployment and the payrolls projections were above 100,000 since the ADP payrolls data came out this week. Dow Jones was at 125,000 in payrolls, and Bloomberg’s reading yesterday was 110,000. Apparently this leaves more than 14 million Americans on the sidelines.

To make matters worse, the payrolls data for the prior two months were revised lower by 44,000.

The private sector actually added 57,000 jobs in June, lower than the 73,000 reported in May. Manufacturing, as well as professional and business services, added small gains; the government jobs lost 39,000 positions.

Today’s data is taking the wind out of the fresh market gains with S&P futures down more than 1% and DJIA futures down by triple-digits.

Don’t we need higher taxes on top of all this great news?

JON C. OGG

Take Charge of Your Retirement In Just A Few Minutes (Sponsor)

Retirement planning doesn’t have to feel overwhelming. The key is finding expert guidance—and SmartAsset’s made it easier than ever for you to connect with a vetted financial advisor.

Here’s how it works:

Answer a Few Simple Questions. Tell us a bit about your goals and preferences—it only takes a few minutes!
Get Matched with Vetted Advisors Our smart tool matches you with up to three pre-screened, vetted advisors who serve your area and are held to a fiduciary standard to act in your best interests. Click here to begin
Choose Your Fit Review their profiles, schedule an introductory call (or meet in person), and select the advisor who feel is right for you.

Why wait? Start building the retirement you’ve always dreamed of. Click here to get started today!