WASHINGTON – Americans lucky enough to still have a job are noticing something unpleasant in their paychecks: They're making less money.

Employers cut 467,000 jobs in June, far more than expected, and the jobless rate hit a 26-year high of 9.5 percent. Just as worrisome, wages shrank to their lowest in nearly a year.

The bleak news Thursday from the Labor Department underscored one of the big threats to an economic turnaround: Rising joblessness and falling wages for those still working could send Americans back into spending hibernation and short-circuit any recovery.

President Barack Obama acknowledged concern. "What we're still seeing is too many jobs lost, too many families who are worried about whether they're going to be next in terms of job loss, or whether they can find another," he told The Associated Press.

The falling wages come from furloughs, pay freezes and pay cuts imposed by employers across the country. Many also have cut hours: The average work week in June fell to 33 hours, the lowest on records dating to 1964.

Nathan Bieber, 26, who works at Einstein Bros. Bagels in Phoenix, works 28 to 30 hours a week now, down from his previous 37 — a loss of up to $100 weekly. He's canceled his Internet service and deferred payments on student loans six times.

His wife, who is legally blind and works at another Einstein Bros. location, has had her hours slashed from 30 to 15. They rely on her disability pay for rent and the electric bill.

"If it weren't for that," he said, "we'd be homeless."

The bleak jobs news sent stocks sinking. All the major stock indexes finished down more than 2.5 percent, including a 223-point drop for the Dow Jones industrials, its worst performance in more than two months.

Job losses had decreased every month since January, but they rose in June. The 467,000 job losses were up from 322,000 in May and far worse than the 363,000 economists were expecting.

By comparison, the rise in the unemployment rate for June was small, up just a tenth of a percentage point to 9.5 percent. Many economists predict it will hit 10 percent this year and keep rising into next year before falling back.

Including laid-off workers who have given up looking for jobs or have settled for part-time work, the so-called underemployment rate was 16.5 percent in June — the highest on records dating to 1994.

The recession has taken out 6.5 million jobs in about a year and a half. All told, nearly 15 million people were considered unemployed in June.

"Whatever is available, you kind of have to take it," said Shirley Walker, 58, who lost her job running a nonprofit in Orlando, Fla. "If you've been out there working, and you have a career, now it's like starting a career all over again."

Illustrating how hard it is to land a job, 29 percent of the unemployed have been out of work six months or longer. That's the most on records dating to just after World War II. The unemployment rate for teenagers is 24 percent, the highest since 1983.

Average weekly earnings fell about $2 in June to $611.49, the lowest in nearly a year and the first month-to-month drop since March.

Federal Reserve Chairman Ben Bernanke has predicted the recession, the longest since World War II, will end later this year. And most economists still think that will happen.

But the strength of any recovery will depend heavily on Americans' willingness to borrow and spend. And they have been using more of their income to save or pay down debt.

"The job market will become the Achilles' heel of the coming recovery," said Sung Won Sohn, an economist at California State University, Channel Islands.

Last month's job losses were widespread. Professional and business services slashed 118,000 jobs. Manufacturers cut 136,000, construction companies 79,000, retailers 21,000. Education and health services were among the few industries hiring.

Economists said a chunk of the job losses probably came from plant shutdowns at General Motors Corp. and by other auto industry troubles that may ease later this summer.

The White House last week said federal stimulus money was being shoveled out of Washington quickly but states aren't steering the cash to counties that need jobs the most. Much of the benefit of Obama's increased government spending on big public works projects won't kick in until 2010, analysts say.

"We are in some very hard and severe economic times," Labor Secretary Hilda Solis said in an interview Thursday. "The president and I are both not happy."

Still, Solis said it was too early to consider a second government stimulus, saying more time is needed for the first one to take hold. "I do think the public needs to be patient," she said. "We know they are hurting."

___

AP Writers Mike Schneider in Orlando, Fla., and Terry Tang in Phoenix contributed to this report.

But Ubangi said he has created and/or saved how many jobs?

OK Gman - I'll bite.

How the fuck do you save a job?

What do you do? Throw it a life preserver? Put a condom on it?

This guy is shoveling the bullshit so fast, I would be afraid that his arms would burst into flames.

9.5% is quite alarming. It used to be that 4.7% was an amber light. 5% was a red light. Back in those days, 9.5 would have been considered unthinkable, and a nuclear meltdown.

Socialism is working indeed.

FuhkFrenchToads wrote:

9.5% is quite alarming. It used to be that 4.7% was an amber light. 5% was a red light. Back in those days, 9.5 would have been considered unthinkable, and a nuclear meltdown.

Socialism is working indeed.

W&C and Onto are pleased that the Messiah is looking out for the working man. No longer will the working class be burdened with employment. Obonga has his luaus and weekend jaunts to Broadway and Paris with the silverback while the unemployment rate skyrockets.

Good job W&C. You and your ilk are killing Americans. You and your terrorist America hating friends, the Ayers, are very proud I'm sure.

Welcome to Obamanomics America. Remember this come polling day in 2012.

As Nozzle said in another thread it's actually worse than 9.5% when you factor in all the people that are working at reduced hours or lower wages and can no longer make ends meet but who are technically still employed.

FuhkFrenchToads wrote:

9.5% is quite alarming. It used to be that 4.7% was an amber light. 5% was a red light. Back in those days, 9.5 would have been considered unthinkable, and a nuclear meltdown.

Socialism is working indeed.

Can we say Carter!!!!
Look how will that went..

Still, Solis said it was too early to consider a second government stimulus, saying more time is needed for the first one to take hold. "I do think the public needs to be patient," she said. "We know they are hurting."

awwwwwe poor babies
nanny state loves yas though


pfffft

Ok, I got it: it's Obama's fault.

LOL!

You guys are a really funny bunch to observe.

Ok, I got it: it's Obama's fault.

LOL!

You guys are a really funny bunch to observe.



They're just not too bright. They've already forgotten (if they knew in the first place, which doesn't seem too likely) that it was the meltdown of the financial system that caused the recession in the first place. And it was the bailout of the banks that has bankrupted our countries; and it was the reckless gambling and incompetence of the banks that caused the financial meltdown; and that they were in recession for over a year before Obama was elected. But it is all his fault anyway!

With_Attitude wrote:

Ok, I got it: it's Obama's fault.

LOL!

You guys are a really funny bunch to observe.

Hussein has massively driven up the federal debt and instituted all kinds of legislation that is harmful to business. He wants to usher in even more and will have to raise taxes to pay for all his socialism.....so hell yes its his fault. Nobody on the Left ever hesitated to blame Bush for the recession he inherited from Clinton. Turnabout is fair play.

MichaelE wrote:



Hussein has massively driven up the federal debt and instituted all kinds of legislation that is harmful to business. He wants to usher in even more and will have to raise taxes to pay for all his socialism.....so hell yes its his fault. Nobody on the Left ever hesitated to blame Bush for the recession he inherited from Clinton. Turnabout is fair play.

I remember an America, from the time I lived there, where everybody (with minor exceptions) was behind its president, with no questions. "United we stand" and stuff.
The usual democrat/republican debates were just "kitten skin scratches", like if "we don't care after all, we are confident in the future, whoever is elected".
That was a mere 20 years ago.
I have always missed that feeling in France since.

The sad part is that Bush (yes: G.W.Bush, and yes: I stand my point, that's HIM and his "friends") succeeded like no other president of the United States EVER to brake that cohesion.

You'll see Obama's policies' effects in a few years, it's puerile to think they already have an influence.
You are right now in the centre of the cyclone, and your best move would be to unite again.

That's just my 2cents.

Obama may cause the American people to pay more attention to what is happening in Washington. If the result of this collapse is that the reset button is pushed and liberalism is banished from the country for another 200 years, it will be worth it. Perhaps a clean slate. We default, wipe all laws off the books, have a fresh election, start over with just the constitution as our guide.

You don't understand America and American history if you think this is all the result of Dubya. Americans have been bickering and arguing---often extremely bitterly for over 200 years. Read some of the things the Founders said about each other. Read about how many of them had their own paid character assassins in the media (eg Jefferson was a master at this). In the 19th century many of the British elites were horrified by the rancourous two fisted nature of American politics. Their term for America was that it was a "rowdy democracy"....as opposed to their much more class driven society where such disagreements between wealthy elite "gentlemen" were not supposed to be aired so publicly and so forcefully.

There was a time in the postwar period when this was not nearly as prevalent due to everybody having fought and suffered together in the war and the threat of the commies. That ended in the late 60's. The raw meant/no-holds-barred nature of American politics returned with full force. Every president since LBJ has been subject to fierce criticism.

The Left would like you to believe it was all just Dubya...and but for that it would all be one big happy family (what they really mean is that we should all just shut up and go along with their agenda). Anybody who criticizes the Obamessiah is therefore "racist". BULL_FUCKING_SHIT! You don't get to bitch endlessly and and vent your full spleen when the other side is in office and then say "hey....can't we all just get along" when YOUR guy is in office. FUCK YOU. Now I will do EXACTLY what they did for years. Don't cry or whine about it either ya fucking hypocrites. The Left never hesitated to blame Bush for the recession he inherited from Clinton (yes it had already started before he took office) so I will now return the favor to Hussein. Oh, and his policies are and will be a fucking disaster.

With_Attitude wrote:


I remember an America, from the time I lived there, where everybody (with minor exceptions) was behind its president, with no questions. "United we stand" and stuff.
The usual democrat/republican debates were just "kitten skin scratches", like if "we don't care after all, we are confident in the future, whoever is elected".
That was a mere 20 years ago.
I have always missed that feeling in France since.

The sad part is that Bush (yes: G.W.Bush, and yes: I stand my point, that's HIM and his "friends") succeeded like no other president of the United States EVER to brake that cohesion.

You're an idiot. Were you educated in france? Ever hear of the US Civil War? Have you read any history of the rancor and venom in early American politics? Obviously not. I assume you're just parroting the BS written by some liberal journalists who is as poorly educated as you are.

Dumbass!!

I remember an America, from the time I lived there, where everybody (with minor exceptions) was behind its president, with no questions. "United we stand" and stuff.
The usual democrat/republican debates were just "kitten skin scratches",

when has that ever happened ?
euros never lose the serf mentalitity

thiers always dissent
sometimes its just louder then usual
and its better when its coming from the people NOT leftwing moonbats in newsweek

If we look at when the economy began to hit the skids was when Obama got the democrat nod (by insiders BTW) for president. It got worse as it became clear that obambi would win. Since his inauguration it has been in a free fall. WHY?

1. Smart money knew that obami was a hard core socialist/marxist and that his financial and regulatory policies would be very harmful to the economy.

2. Smart money thought that the rules would never solidify and would be changing constantly.

3. Smart money knew that ogabi would violate the rule of law as he said he would and make contracts and law void.

4. Smart money knew that obambi would be an appeaser and even on the other side of democracy and that this would throw the world in to turmoil.

5. Smart money has been proven correct each time.

6. Smart money is called smart money for a reason. No way they invest in anything right now.

And that is why this recession will go on and on.

On another not how the hell does the claims for jobs go up 40=% from the previous month when the rate went up .3%? Cooking the books?

I think the above graph's dot for June should be on that straight line the others are on.

What's Obamessiah's fault is giving $1,000,000,000,000 away to banks, insurance, and automotive companies and they still lost 500,000 jobs in one month.

If that $1,000,000,000,000 had been used to fund small- and medium-business hires, it could have created 5 million, 5-year jobs at $40,000 per year. And those new hires would have stimulated the economy from the bottom up.

So why didn't Obamessiah spend the $1,000,000,000,000 of taxpayers money actually helping the taxpayers? Because he a wants to preserve Big Business' stranglehold on the economy so he can take over as its new Führer.

The Rasmussen Reports daily Presidential Tracking Poll for Thursday shows that 33% of the nation's voters now strongly approve of the way that Barack Obama is performing his role as President. Thirty-five percent (35%) strongly disapprove giving Obama a Presidential Approval Index rating of -2. This is the third straight day the Approval Index has been below zero."

It's Bushitler's fault!

He killed the economy of capitalist pigs!

"Ever hear of the US Civil War? "

And why not the age of dinosaures ?

dupe

That's just my 2cents.

We don't want Canadian money.

A_Thinking_Man wrote:

What's Obamessiah's fault is giving $1,000,000,000,000 away to banks, insurance, and automotive companies and they still lost 500,000 jobs in one month.

If that $1,000,000,000,000 had been used to fund small- and medium-business hires, it could have created 5 million, 5-year jobs at $40,000 per year. And those new hires would have stimulated the economy from the bottom up.

So why didn't Obamessiah spend the $1,000,000,000,000 of taxpayers money actually helping the taxpayers? Because he a wants to preserve Big Business' stranglehold on the economy so he can take over as its new Führer.

The gangsters at Goldman tripple dipped into the stimulus cookie jar. They received bailout money that was initially given to AIG (an obvious money laundering front), they got their own "bailout" money and God knows how much they've profited since the depression started.