Recovery Bummer: Hiring Stalls, Unemployment Up to 9.2%

From the Associated Press:

Hiring slowed to a near-standstill last month. Employers added the fewest jobs in nine months and the unemployment rate rose to 9.2 percent.

The economy generated only 18,000 net jobs in June, the Labor Department said Friday. And the number of jobs added in May was revised down to 25,000.

The latest report offered stark evidence that the recovery will be painfully slow. It also raised doubts that the economy will rebound in the second half of the year after hitting a spring slump.

Businesses added just 57,000 jobs last month_ the fewest in more than a year. Governments cut 39,000 jobs. Over the past eight months, federal, state and local governments have cut a combined 238,000 positions.

Stock futures plunged after the report’s release.

“June’s employment report doesn’t have a single redeeming feature,” said Paul Ashworth, an economist at Capital Economics. “It’s awful from start to finish.”

Read the whole thing here.

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