Employment Report Becomes Matter Of Concern

more images

WASHINGTON (GaeaTimes.com)- Employment reports for the month of June was released by the Labor Department on Friday. The weak employment report held in front of everybody the fact that the economy is not blooming as expected and rather the economic recovery has slowed down. If on one hand the report shows a dip in the percentage of unemployed, then on the other hand the number of people who have lost their job last month is also the highest since October last year, according to the Labor Department. The disappointing employment report has added to the concern of many investors and affected the trade on Friday. The investors are concerned about the U.S. economy.

As per the employment report, the unemployment percentage has dropped to 9.5 percent from 9.7 percent. According to the Labor Department, the percentage of people unemployed is the lowest since July 2009. However the dip happened not due to an increase in the job opportunity but due to a large number of people quitting from the job market. Around 650,000 people gave up job hunting which an economist added, was due to their feeling that there is nothing in store for them. Such people who quit from the labor force or give up their job hunts, even if without job are not counted as in the list of unemployed.

The employment report claims that in the month of June, 125,000 people lost their jobs. The Labor Department said on Friday that the sudden surge in the job cut was due to the end of temporary census jobs of 225,000 people. However, the private sector showed a growth in employment and recruited 83,000 people last month.