Vanishing Jobs in the U.S.

The labor market hit a major speed bump on its road to recovery.

467,000 American jobs were lost in June, according to the Labor Department, far more than expected.

Meantime, the unemployment rate inched up to 9-1/2 percent — the highest rate since August 1983.

There is very little in this report to smile about, warns Wachovia Chief Economist John Silvia.

[John Silvia, Chief Economist, Wachovia]:
"It is not that the jobs market is getting really worse, it is simply that at this point in the year, given the federal government stimulus program that's already been put into place — given the amount of Fed ease — we seem to not be moving forward in the jobs market as much as people had come to expect."

June's labor force reduction brings the total number of jobs lost during the recession ever closer to 7 million. A fact not lost on the White House, which has pinned its hopes on the President's economic stimulus plan.

[Hilda Solis, U.S. Labor Secretary]:
"At the current time this is not acceptable and we are going to do everything in our power to make sure that the American public comes back strong. And I know that, and the people that I talk to out in the field every average day people that they are very hopeful that this administration will do the right thing, and we are."

But strong is not the way analysts expect the economy to bounce back. With more discouraged workers dropping out of the labor force last month and average hourly earnings flat for the second time in three months, economists say consumers are likely to remain worried about their jobs — resulting in more cautious spending.

And that has put Wall Street on edge. Stocks are falling sharply in response.

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[fmflores2000]

As long asAmerica allows to ship American Companies labor to China America will go down.Manufacturing is the backbone of America and take out this back bone and the country will go down.Put tarrifs on those chinese goods force china to play fair on it's currency and change laws on world trade so small businesses won't close.Fair Trade and not free trade that only China bennefits. Bush gave tax cuts to Company owners so they make jobs n the US but instead they became gready and put jobs in China

[Anothercoilgun]

You fools are crazy.

[AJT68390]

Your English is becoming a second language.White America is competing with at least 40mil legal or illegals.Your kid can not go to McDonalds to get a job cuz theres a 40 year old man that only knows spanish back there.The middle class jobs are now under seige.White America has lost and it will be reshaped from the bottom up.Call your local hospital,dentist,an auto dealership,any of your local Govnt. offices for asst.they all offer spanish interpeters.America will never be the same.OLE!!!

[USNDeepsea1991]

We must get rid of Big Box stores that undercut all local business in an area. All profits made by these business leave the local area and don't contribute to communities.

[redmond12400]

Yes. Coolies were of the best people on earth who worked hard to live unlike the british terrorists who invaded other countries to make a living. Obama has come again to teach the world how to live again.

[awazha]

If he was the Black God, then I guess he was the God of the coolies that had to build the pyramids for the Egyptians eh.

[awazha]

Canada is losing jobs too .. all the jobs are going

[redmond12400]

Obama is the Ancient Egyptian Black God who has come on Earth now to save all of us. Dont act dumb.

[awazha]

if by that you mean that GOD is the new word for FLOP .. then yea he is .. he is the GOD of FLOP!!

[gli96187]

No the jobs are not disappearing. They are going overseas. It's jobs, jobs, jobs, for brazil, india, china, mexico, canada, and the balkans.