June was not a good month for the anemic economy. Only 18,000 net jobs were added to the labor pool, and unemployment inched up to 9.2%. Businesses added 57,000 jobs, but governments nationwide cut 39,000 workers from their payrolls. That means that there are now 14.1 million unemployed Americans who are looking for work.
June marked the 29th straight month that unemployment has been higher than 8%, which makes this the longest streak of such high unemployment since the 1930′s. Not only has unemployment risen, but the average workweek has shortened, from 34.4 hours to 34.3, and the average hourly wage has decreased as well.
On the upside, according to an Associated Press survey of 38 economists, the economy is expected to grow at a rate of 3.2% for the latter half of this year, which is about twice the rate of the first half.
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