Year-Over-Year Jobless Growth Falls to Zero

July 4, 2008

Annual job growth fell to 0.0 percent, its lowest level since November of 2003, as the Department of Labor reported the U.S. economy shed 62,000 jobs in June and the unemployment rate held steady at 5.5 percent.

Downward revisions were applied to data for previous months, the original April estimate of -28,000 revised to -67,000 and the May tally of -49,000 adjusted to -62,000. So far this year, nonfarm payrolls have declined by 438,000, most of the declines coming in construction and manufacturing.

For the month of June, job loss was most severe in the professional and business services category which fell 51,000 (mostly temporary help - not a good indication for future economic activity), followed closely by construction and manufacturing, down 43,000 and 33,000, respectively.

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Year-Over-Year Jobless Growth Falls to Zero

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