The Bureau of Labor Statistics reported today that the U.S. unemployment rate held at 5.5% (same as May), as nonfarm employment shrank by 62,000 jobs.
Last year at this time, the jobless rate was 4.6%, according to the BLS report.
Industries that led the way in job losses are construction, manufacturing, and employment services. Retail was essentially unchanged in June. Heath care was the big gainer (15,000), but there were also increases within mining, food services, and government.
The announcement piles more bad news on the economic front, as the housing spiral and surge in oil prices give Americans more reasons for concern. On top of that, we are officially in a bear market.
While some economists predict that job losses will continue through this year, here’s a little perspective: The unemployment rate for people with a four-year degree or more is only at 2.3%. That should clear away some of the gloom, no?
I’ll say it again, now more than ever it’s good to find ways to keep your job secure, but also be prepared for an unexpected job search. (Do I sound like Suze Orman?)
