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6th straight month of losses totals 438,000 out of a job
**FILE** In this June 5, 2008 file photo, job seekers gather at the Los Angeles Mission for the 7th annual Employment and Training Collaborative of Hope Central Career Fair in Los Angeles. Employers cut payrolls by 62,000 in June, the sixth straight month of nationwide job losses, underscoring the economy's fragile state. The unemployment rate held steady at 5.5 percent, it was announced Thursday July 3, 2008. (AP Photo/Ric Francis)
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More from BusinessWASHINGTON — The nation lost jobs for a sixth month in a row in June, a storm of pink slips drenching this year's July Fourth holiday for more than 60,000 Americans and leaving thousands more worried about the future.
Weighed down by energy prices and the housing crisis, employers laid off workers in stores, factories and forsaken building sites.
With more job cuts expected in coming months, there's growing concern that many people will pull back on their spending later this year when the bracing effect of the tax rebates fades, dealing a dangerous setback to the shaky economy. These worries are rekindling recession fears.
In June alone, employers got rid of 62,000 jobs, bringing total losses so far this year close to a staggering half a million — 438,000, according to the Labor Department's report released Thursday. The economy needs to generate more than 100,000 new jobs a month for employment to remain stable.
The jobless rate held steady at 5.5 percent after jumping in May by the most in two decades. Still, June's jobless rate was considerably higher than the 4.6 percent of a year ago. The unemployment rate is expected to climb through the rest of this year and top 6 percent early next year.
Just in the past few days, Chrysler LLC said it would close a plant and Starbucks Corp. said it would shut some 600 stores, meaning more lost jobs ahead.
There were 8.5 million unemployed people as of June, up from 7 million a year earlier. Heavy job losses were reported in construction, manufacturing and financial services. Cutbacks also came in retailing, temporary help, trucking, publishing and elsewhere. That more than swamped job gains in other places, including healthcare, education, hotels, bars and restaurants, and the government.
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