New unemployment numbers out
And it's following the same trend since the 'Stimulus' bill passed into law, it's once again higher.
"Private employers cut 473,000 jobs in June, down from 485,000 in May, according to a report by ADP Employer Services published on Wednesday. Economists surveyed by Reuters had expected 393,000 private-sector job cuts in June.
Though June's loss was the smallest ADP had reported since October 2008, the surprisingly large number of cuts dealt a setback to those expecting the U.S. economy to recover soon.
"The data surprises me a little bit in that the consensus out there seems to be that business is improving and that the economy has hit bottom," said Mark Bonhard, investment advisor at Dawson Wealth Management in Cleveland, Ohio.
"This definitely is not good news."
Joel Prakken, chairman of Macroeconomic Advisers, whose firm jointly developed the ADP Employer Services report, told a teleconference of journalists growth is likely to be modest at about 2 to 2.5 percent in the second half of the year.
"Between now and then I would expect additional job losses that are pushing up toward another million or so, maybe 800,000, 850,000, with the unemployment rate continuing to move up unevenly," Prakken said.
"I would say (unemployment would be) pressing up between 9.75 and 10 percent in the second half of the year."
The ADP data comes ahead of Thursday's monthly nonfarm payrolls report from the government, which is much more comprehensive and includes both public and private sectors.
Economists expect the payrolls report, which will be issued a day early due to the Independence Day holiday on Friday, to show a loss of 363,000 jobs in June and a rise in the unemployment rate to 9.6 percent from May's 9.4 percent."
Source:
http://news.yahoo.com/s/nm/20090701/...us_usa_economy
Remember, Obama said unemployment would not get higher than 8% if he got his 'stimulus' bill signed into law. He got his wish, and now unemployment is at 9.4%.