The official Jobs Report was released by the Labor Department today showing that there were 467,000 jobs lost in June, which is much worse than the 365,000 jobs that some industry experts were expecting. Revisions for April and May added 8,000 to payrolls.
The Unemployment Rate rose to a 26 year high to 9.5% up from 9.4% in May. The rate should continue to rise as the year goes on and will most likely hit 10%. As the stimulus package fades, consumers and businesses will continue to cut back, adding to the jobless woes. Initial claims for state unemployment insurance fell to 614,000 in the latest week falling 14,000 from the previous week, the Labor Department said today. Continuing claims for the week ended June 20 fell for only the third week this year, to 6.702 million from an upwardly revised 6.755 million the prior week. In the U.S., Independence Day or the Fourth of July, is a federal holiday commemorating the adoption of the Declaration of Independence on July 4, 1776, declaring independence from Great Britain. Independence Day is commonly associated with fireworks, parades, barbecues, carnivals, picnics, concerts, baseball games,, political speeches and ceremonies, and various other public and private events celebrating the history, government, and traditions of the United States. Independence Day is the national day of the United States.Brought to you, courtesy of The Mortgage Market Guide
