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. “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.