Only 18,000 Jobs Added In June, Jobless Rate Edged Up To 9.2 Percent
The nation's unemployment rate ticked up to 9.2 percent in June from 9.1 percent the month before as businesses and government agencies added only 18,000 jobs to their payrolls, the Bureau of Labor Statistics just reported.
Both figures are well below the already modest pre-report forecasts from economists.
We'll add more details from the report shortly.
President Obama is scheduled to make a statement about the news at 10:35 a.m. ET, the White House says.
Update at 11:15 a.m. ET. Obama On Job News: "We Still Have A Big Hole To Fill."
Update at 10 a.m. ET. White House Says "Headwinds" Slowed Job Growth:
Austan Goolsbee, chairman of the President's Council of Economic Advisers, just posted his analysis of the report. He writes, in part:
"While the private sector has added 2.2 million jobs over the past 16 months, this month's report reflects the recent slowdown of economic growth due to headwinds faced in the first half of this year.
"The unemployment rate remains unacceptably high and faster growth is needed to replace the jobs lost in the downturn. Today's report underscores the need for bipartisan action to help the private sector and the economy grow – such as measures to extend the payroll tax cut, pass the pending free trade agreements, and create an infrastructure bank to help put Americans back to work. It also underscores the need for a balanced approach to deficit reduction that instills confidence and allows us to live within our means without shortchanging future growth."
Update at 9:15 a.m. ET. The Jobless Rate Over Past 2 1/2 Years:
Update at 8:53 a.m. ET. Boehner Asks "Where Are The Jobs?"
On House Speaker John Boehner's , the Ohio Republican has posted these reactions:
-- "The June unemployment report has Americans asking once again: where are the jobs?"
-- "We need serious reforms that restrain future spending & spending cuts that exceed any debt limit hike #4jobs – not tax hikes."
Update at 8:50 a.m. ET. Two Years After Official End Of Recession, "Painfully Slow" Recovery:
The Associated Press notes that "two years after the [latest] recession officially ended, companies are adding fewer workers despite record cash stockpiles and healthy profit margins."
And the wire service adds that "the economy typically needs to add 125,000 jobs per month just to keep up with population growth. And at least twice that many jobs are needed to bring down the unemployment rate."
Update at 8:45 a.m. ET. Previous Months' Growth Revised Down:
"The change in total nonfarm payroll employment for April was revised from +232,000 to +217,000," BLS reports, "and the change for May was revised from +54,000 to +25,000."
Update at 8:40 a.m. ET. More Details:
-- The number of Americans classified as unemployed rose to 14.1 million from 13.9 million in May.
-- Private employers added 57,000 jobs to their payrolls. A decline of 39,000 at government agencies pulled the overall figure down to +18,000.
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