Sixth Straight Month of Job Losses

clipped from www.mcclatchydc.com The economy is likely to keep stumbling at least through the rest of the year, analysts agreed Thursday, after a disappointing government report showed that payroll jobs fell by 62,000 in June, the sixth straight month of job losses. "More job losses are coming through the remainder of the year. The economy has lost just over 400,000 jobs since the start of the year and will lose another 400,000 by year's end," said Mark Zandi, chief economist for forecaster Moody's Economy.com. "Behind this pessimism are the broad-based job declines across most industries and regions of the country."

The piece goes on:

"We had thought that the rate had temporarily overshot in May based on problems seasonally adjusting the summer inflow of students into the work force," Nigel Gault, the chief U.S. economist for forecaster Global Insight in Lexington, Mass., said in a research note to investors. "But the unemployment rate for young workers was little changed this month, suggesting that they are simply facing a much weaker labor market than in previous years."

This shoots Labor Secretary Elaine Chao's argument that the job market reflects teen workers all to hell.