We had a server outage, and we're rebuilding the site. Most of the site features won't work. Thank you for your patience.
imc indymedia

Los Angeles Indymedia : Activist News

white themeblack themered themetheme help
About Us Contact Us Calendar Publish RSS
Features
latest news
best of news
syndication
commentary


KILLRADIO

VozMob

ABCF LA

A-Infos Radio

Indymedia On Air

Dope-X-Resistance-LA List

LAAMN List




IMC Network:

Original Cities

www.indymedia.org africa: ambazonia canarias estrecho / madiaq kenya nigeria south africa canada: hamilton london, ontario maritimes montreal ontario ottawa quebec thunder bay vancouver victoria windsor winnipeg east asia: burma jakarta japan korea manila qc europe: abruzzo alacant andorra antwerpen armenia athens austria barcelona belarus belgium belgrade bristol brussels bulgaria calabria croatia cyprus emilia-romagna estrecho / madiaq euskal herria galiza germany grenoble hungary ireland istanbul italy la plana liege liguria lille linksunten lombardia london madrid malta marseille nantes napoli netherlands nice northern england norway oost-vlaanderen paris/Île-de-france patras piemonte poland portugal roma romania russia saint-petersburg scotland sverige switzerland thessaloniki torun toscana toulouse ukraine united kingdom valencia latin america: argentina bolivia chiapas chile chile sur cmi brasil colombia ecuador mexico peru puerto rico qollasuyu rosario santiago tijuana uruguay valparaiso venezuela venezuela oceania: adelaide aotearoa brisbane burma darwin jakarta manila melbourne perth qc sydney south asia: india mumbai united states: arizona arkansas asheville atlanta austin baltimore big muddy binghamton boston buffalo charlottesville chicago cleveland colorado columbus dc hawaii houston hudson mohawk kansas city la madison maine miami michigan milwaukee minneapolis/st. paul new hampshire new jersey new mexico new orleans north carolina north texas nyc oklahoma philadelphia pittsburgh portland richmond rochester rogue valley saint louis san diego san francisco san francisco bay area santa barbara santa cruz, ca sarasota seattle tampa bay tennessee urbana-champaign vermont western mass worcester west asia: armenia beirut israel palestine process: fbi/legal updates mailing lists process & imc docs tech volunteer projects: print radio satellite tv video regions: oceania united states topics: biotech

Surviving Cities

www.indymedia.org africa: canada: quebec east asia: japan europe: athens barcelona belgium bristol brussels cyprus germany grenoble ireland istanbul lille linksunten nantes netherlands norway portugal united kingdom latin america: argentina cmi brasil rosario oceania: aotearoa united states: austin big muddy binghamton boston chicago columbus la michigan nyc portland rochester saint louis san diego san francisco bay area santa cruz, ca tennessee urbana-champaign worcester west asia: palestine process: fbi/legal updates process & imc docs projects: radio satellite tv
printable version - js reader version - view hidden posts - tags and related articles

Unemployment rate at 6.4%. Highest in 9 years.

by KENNETH N. GILPIN Sunday, Jul. 06, 2003 at 12:18 AM

In a bleak start to the Fourth of July holiday weekend, the government reported today that the nation's unemployment rate climbed to its highest level in more than nine years during June.

The Labor Department figures were almost uniformly bleak. Employers eliminated 30,000 jobs last month, a bit more than Wall Street economists had expected. Equally important, May's job losses, which had initially been reported at 17,000, were sharply revised, to 70,000.

The unemployment rate, which stood at 6.1 percent in May, jumped to 6.4 percent in June. The jobless rate has not been this high since April 1994. This was the biggest month-to-month increase in unemployment since immediately after the Sept. 11, 2001, terrorist attacks.

The report surprised and disappointed most analysts, who had expected that the unemployment rate would probably post a very modest increase, to 6.2 percent.

William Dudly, chief United States economist at Goldman Sachs & Company:
"About the best you can say is that the labor market is deteriorating at a slower pace," he said. "Still, the Federal Reserve has to be somewhat discouraged by this report."

Bond prices fell sharply after the employment report was released, and bond yields, which move in the opposite direction, climbed. This afternoon, the price of the Treasury's 10-year note was down nearly a point, pushing its yield up to 3.65 percent, from 3.53 percent late Wednesday.

Analysts consider the employment figures to be a lagging economic indicator. But there were elements in today's report that do not bode well for the summer quarter. And those who expected a post-war pickup in the economy are still waiting for it to happen.

The Bush administration, which is likely to coming under increasing political attack about its handling of the economy, reacted coolly to the unemployment figures. In a statement, the White House said the job figures were a "sign of a slow recovery from a short, shallow recession."

Specifically, analysts were troubled by the fact that those who were employed did not work longer hours last month; the hours worked figures were flat. If final demand in the economy were growing, hours worked would be rising.

 Moreover, wages for those who were employed did not jump much; average hourly earnings rose just 0.2 percentage points. In conjunction with a rising unemployment rate, slower wage growth is not likely to bolster consumer confidence, analysts said.

Separately, the Labor Department said that initial unemployment claims, weekly figures that analysts consider a coincident indicator, rose to 430,000 last week, an increase of 21,000 from the previous week.

"Claims are not trending down; they continue to trend up," said Paul Kasriel, director of economic research at the Northern Trust Company in Chicago. "These are real people standing in real lines."

The monthly employment report continued to paint a very bleak picture in the manufacturing sector. Factory employment fell by 56,000 last month. It is the 36th month in a row that manufacturing employment has declined. Since July 2000, factories have laid off 2.6 million workers.

"The Fed said on June 25 that the labor market was stabilizing," said David Rosenberg, chief economist at Merrill Lynch & Company. "I think it is deteriorating."

David Resler, chief economist at Nomura Securities International, said that overall employment levels in manufacturing are now roughly equal to where they were in 1958, when the country's population was 100 million less than it is today.

There were few bright spots in the today's employment report.

Construction, which has been sustained by continued strength in the residential housing market, saw employment rise for a fourth straight month.
And there were gains in health care, leisure and hospitality and temporary employment services.

But those increases do not erase the fact that since March unemployment has increased by 913,000, or that in June 2 million people had been unemployed for 27 weeks or more. That is an increase of 410,000 since the start of the year.
Report this post as:
Share on: Twitter, Facebook, Google+

add your comments


Local News

Change Links September 2018 posted S02 10:22PM

More Scandals Rock Southern California Nuke Plant San Onofre A30 11:09PM

Site Outage Friday A30 3:49PM

Change Links August 2018 A14 1:56AM

Setback for Developer of SC Farm Land A12 11:09PM

More problems at Shutdown San Onofre Nuke J29 10:40PM

Change Links 2018 July posted J09 8:27PM

More Pix: "Families Belong Together," Pasadena J02 7:16PM

"Families Belong Together" March, Pasadena J02 7:08PM

Short Report on the Families Belong Together Protest in Los Angeles J30 11:26PM

Summer 2018 National Immigrant Solidarity Network News Alert! J11 6:58AM

Watch the Debate: Excluded Candidates for Governor of California M31 5:20AM

Change Links June 2018 posted M28 7:41AM

The Montrose Peace Vigil at 12 Years M22 8:01PM

Unity Archive Project M21 9:42AM

Dianne Feinstein's Promotion of War, Secret Animal Abuse, Military Profiteering, Censorshi M17 10:22PM

CA Senate Bill 1303 would require an independent coroner rather than being part of police M10 9:08PM

Three years after OC snitch scandal, no charges filed against sheriffs deputies M10 8:57PM

California police agencies violate Brown Act (open meetings) M02 8:31PM

Insane Company Wants To Send Nuke Plant Waste To New Mexico A29 11:47PM

Change Links May 2018 A27 8:40AM

Worker-Owned Car Wash on Vermont Closed A27 5:37AM

GUIDE TO REBEL CITY LOS ANGELES AVAILABLE A13 12:39AM

lausd whistle blower A11 6:58AM

More Local News...

Other/Breaking News

test O06 10:01AM

test O06 9:59AM

test O06 9:59AM

100 Ways GOP Have Stolen Elections Since 1876 O06 12:03AM

Proximospective de l'univocité réifiée O05 6:27AM

“Kava-no!!!” O04 6:42PM

Trump & Palestine vs. Genesis, Rashi & The Land of Israel O03 6:29PM

The Criminality of the Elites O03 11:35AM

Business de l'inhumanitaire O03 7:51AM

Marriage Rape/Date Rape Highest Rapes O02 2:59PM

Women I Know Get Raped - Too Many Times To Count! O02 2:55PM

Women In USA Have Stockholm Syndrom O02 2:50PM

Shooting Drill's Are Political Actual Shootings O02 2:47PM

Dr. Ford's Father Works With CIA O02 2:44PM

Weaponizing Frequencies O02 2:41PM

Google Abuses: Worldwide Spying, Censorship, War Promotion, Spying On Children, Etc O02 11:08AM

Paraphysique de l'administration O02 8:34AM

Paraphysique O02 8:31AM

Affordable Rents? A State of Emergency Intensifies O01 11:36AM

A Few Of Many Impeachable Acts by Trump Sessions And Others O01 4:41AM

Désengrammation, l'éloge de la suite S30 7:01AM

someone Should Work In Hollywood - Good Acting! S28 2:55PM

Ford Gives Psych Drugs To Lower Class To Shut Them Up? S28 2:51PM

Hilllary Calls Ford Trailer Trash? S28 2:47PM

Most Rapes Are In Marriages S28 2:43PM

Nice Boys Dirty Deeds S28 2:41PM

Minnesota 2nd Largest Rape State S28 2:39PM

Paraphysique de la plus-value S28 7:18AM

More Breaking News...
© 2000-2018 Los Angeles Independent Media Center. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by the Los Angeles Independent Media Center. Running sf-active v0.9.4 Disclaimer | Privacy