62,000 Jobs Disappear in June

WASHINGTON -- The Labor Department says payrolls dropped by 62,000 and the unemployment rate held steady at 5.5 percent for June, the Associated Press reported.

The Labor Department also subtracted an additional 52,000 jobs from its initial estimates in May and April, the New York Times reported.

In a figure released yesterday, orders to U.S. factories turned in the slowest performance in three months in May as a surge in demand for commercial aircraft was not enough to offset weakness in autos, heavy machinery and steel, according to the AP.

Wage growth decelerated, as the average weekly paycheck of rank-and-file workers grew by 2.8 percent, down from 3.2 percent in May, compared to a year ago, the Times reported. That is below the rate of inflation, which is currently at a 4.2 percent annual rate.

-- NYSSCPA.org News Staff

Posted on 7/3/08