"Professional and business services slashed 118,000 jobs, more thandouble the 48,000 cut in May. Manufacturers cut 136,000, down from156,000. Construction companies got rid of 79,000 jobs, up from 48,000the previous month. Retailers eliminated 21,000, up from 17,600.Financial activities cut 27,000, following 30,000 in May. Thegovernment cut 52,000 jobs, up from 10,000 the previous month. Leisureand hospitality cut 18,000 jobs, erasing a gain of the same size in May.
One of the few industries adding jobs: education and health services, which added 34,000 positions last month and 47,000 in May.
Maylandand other economists said a good chunk of June's job losses likely wereaffected by shutdowns at General Motors Corp. and fallout from thetroubled auto industry, which should let up later this summer. Thegovernment said employment at factories making autos and parts fell by27,000 last month."
Who the hell can explain why the govermnment cut so many jobs in June? And some brainless economist contribute this to GM? LOL |