June economy bleeds jobs; unemployment rate moves uncomfortably close to 10%

Job losses continued to rise in June: 472,000 jobs were shed, compared to 380,000 jobs in May — a 24% increase, according to a report released today by TrimTabs Investment Research of Sausalito, Calif.
JUL 01, 2009
By  Bloomberg
Job losses continued to rise in June: 472,000 jobs were shed, compared to 380,000 jobs in May — a 24% increase, according to a report released today by TrimTabs Investment Research of Sausalito, Calif. “June’s job losses are likely to push the unemployment rate uncomfortably close to 10%,” Charles Biderman, chief executive of TrimTabs, said in a statement. The unemployment rate in May was 9.4%, according to the Bureau of Labor Statistics. June’s unemployment rate is set to be released tomorrow. Declines in wages and salaries are also accelerating, the firm reported. Wages and salaries fell 5.8% year-over-year in June compared with the 4.85% year-over-year decline that was reported in May, according to TrimTabs. The firm’s employment estimates are based on analysis of daily income tax deposits to the U.S. Treasury from salaried employees.

Latest News

Trump demands lower interest rates as Powell goes to Hill
Trump demands lower interest rates as Powell goes to Hill

The president's call for monetary policy easing marks a shift from earlier remarks calling the Fed's January hold "the right thing to do."

Advisors react to Trump 2.0
Advisors react to Trump 2.0

The president may be the same as he was before, but circumstances are different this time around – and there are some lessons from the first term, advisors said.

The war on DEI
The war on DEI

Financial services companies are being targeted for potential legal action over their programs and initiatives on diversity, equity, and inclusion. It could be just the beginning.

Advisors weigh reputational risks, regulatory shifts in digital asset adoption
Advisors weigh reputational risks, regulatory shifts in digital asset adoption

Client sentiment and the regulatory climate may be getting sunnier, but fiduciary concerns are still holding three-fifths of surveyed advisors back from embracing crypto investments.

Citarell to spearhead Northeast sales growth for Easterly
Citarell to spearhead Northeast sales growth for Easterly

John Hancock veteran has more than 30 years of industry experience.

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.

SPONSORED Why wealth advisors should care about the future of federal tax policy

Blue Vault features expert strategies to harness for maximum client advantage.