June employment data confirms a lesser recent pace of deterioration in the economy, as payrolls fell 467,000, though the unemployment rate continued to rise to its highest level since August 1983, hitting 9.5%, and hours and wages moderated.

The June payrolls change was negative 467,000. Hours fell to their lowest on record and wages moderated, while average hourly earnings were flat, suggesting lower production and income ahead. Electronics, construction, and the apparel-textiles industry were particularly hard hit.

Payroll declines were widespread but included a drop of 46,300 federal jobs, excluding the Post Office, which mostly reflected firings of temporary Census workers.

Manufacturing also posted a decline of 136,000, construction fell 79,000, retail dropped 21,000, finance declined 27,000, leisure fell 18,000, and temporary workers dropped 37,600. The only gains were education and health care, which saw a rise of 34,000.

— Market News International

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