WASHINGTON — The overall unemployment rate remained at 5.5% in June as businesses cut 62,000 jobs, the Department of Labor reported today.
The jobless rate remains the highest in four years and when it hit its current level in May, that represented the largest monthly increase in 22 years.
Wage growth was the slowest in June since September 2005. Hourly earnings grew 3.4%, the lowest since early 2006.
Employment increased in food services, government, health care and mining. Employment decreased in manufacturing, construction, and professional and business services.
There was a slight decline in the average length of time it takes an unemployed person to find work, from 17 weeks to 15.1 weeks.
NAFCU Director of Research and Chief Economist Tun Wai said while the unemployment numbers aren't as bad as some predicted, there is still cause for concern.
“There are weaknesses in the economy as shown by the negative job creation,” he said. “It will take a while before the economy reaches its potential again.”
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