Thursday, July 2, 2009
Non-farm payrolls fell by 467,000 in June. This was considerably more than the consensus estimate of a loss of 350,000 jobs. However, it was only 17,000 more than my estimate of 450,000 (!). Revisions to the previous months were mixed & minor.
- 18 consecutive months of job losses
- 6,340,000 job losses since & including 12/2007
- Employment now stands at the same level as 9/2004