Employers Cut 62,000 Jobs in June 2008

On par with economists' forecasts, U.S. employers cut 62,000 jobs in June. This marks the sixth straight month that has seen losses nationwide. According to the latest statistics released by the Labor Department, and this AP article, the unemployment rate remained at 5.5 percent.

The results aren't surprising, but when you look at the absolute numbers - 438,000 jobs lost in 2008, or an average of 73,000/month - they're still pretty massive. From another perspective, there are now 8.5 million unemployed people in the United States, up from last year's figure of 7 million.

As for the hardest hit industries, they were construction, manufacturing, financial services and retailing.

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Erik Samdahl
Erik is the head of marketing at i4cp, and has nearly 20 years in the market research and human capital research industry.