The Bureau of Labor Statistics reported that nonfarm payrolls fell by 125,000, but that was distorted by a 225,000 drop in temporary Census workers. The more closely watched number of private-sector jobs rose by 83,000. The unemployment rate dropped to 9.5% from 9.7% in May.
While the jobs numbers were worse than the consensus produced in a Dow Jones Newswires survey, which predicted a 110,000 drop in the headline number and 110,000 gain in private-sector jobs, markets were gearing up for an especially bad result in the wake of a slew of other weak data that have fanned fears of a second half slowdown in the U.S. economy. With an average of 150,000 jobs per month added throughout the first half, the economy was still adding enough jobs to cover new entrants into the work force, albeit at a pedestrian pace. WSJ
Obama is speaking from Andrews Air Force Base. He's on his way to Charleston, W.V. for Byrd's memorial.
