PAYROLLS SHRINK BY 60,000, BUT UNEMPLOYMENT RATE REMAINS AT 5.5%

Losing 60,000 jobs is a bummer, but it is better than losing 100,000 jobs. And the fact the unemployment rate remained unchanged is a plus. Jobs and the consumer have kept us from free falling, where they go from here is essential.


Labor Market Remains Weak as Payrolls Shrink

By Reuters 03 Jul 2008 09:39 AM ET

U.S. employers cut workers from their payrolls for the sixth straight month in June for the longest losing employment streak since 2002, government data on Thursday showed.
AP
A separate report showed new applications for jobless benefits hurdling to 404,000, suggesting further weakness ahead for employment.
Another survey reported service companies such as airlines and restaurants that make up the bulk of the economy are being pinched by soaring costs and weakening demand and have responded by slashing staff.
U.S. stock futures rallied on the news, while prices on U.S. government debt retreated as investors shifted their attention toward the equities market.
http://www.cnbc.com/id/25509894