The Sixth Straight Month of Job Losses

The Labor Department reported a net loss of 62,000 jobs in June. That matched the job loss figure for May, which was revised higher from 49,000.

The June number brought to 438,000 the number of jobs lost by the U.S. economy so far this year.

The unemployment rate stayed at 5.5%. Economists had forecast the rate would come in at 5.4% in the latest reading.

In a separate report, the department said initial claims for unemployment insurance rose 16,000 to 404,000 in the latest week. Economist Robert Brusca of FAO Economics said the reading over 400,000 is a "classic recession signal."

And the even more closely watched four-week moving average for initial claims neared that worrisome 400,000 benchmark, reaching 390,500 - the highest level since the four weeks after 2005's Hurricane Katrina. The four-week average hasn't been at or above the 400,000 mark since 2003.

Job losses:
Business and Professional Services – 51,000
Construction – 43,000
Manufacturing – 33,000
Retailers – 7,500

Job gains:
Government – 29,000
Education and Healthcare Services – 29,000
Leisure and Hospitality – 24,000

The seasonally adjusted average hourly wage edged up 6 cents to $18.01, which was in line with forecasts, while the average hourly work week stayed unchanged.

Wages are not keeping pace with inflation, as the average wage is now up 3.4% over the last 12 months, less than the 4.5% rise in prices over the 12 months ended in May as reported by the government.

79,000 Job Losses in June 2008

June was the cruelest month for America's blue-collar workers. On Wednesday, payroll processor ADP reported a 79,000 decline in private sector jobs--with 76,000 jobs lossed in the goods-producing sector alone--during the month of June.

The government sector added 20,000 jobs and small businesses added 7,000 jobs but losses included:

• Manufacturing – 44,000
• Construction – 34,000
• Finance – 19,277
• Service-Related Jobs – 3,000
• Job cuts in the retail, industrial goods and consumer product manufacturing sectors have remained fairly level

According to employment consulting firm Challenger, Gray & Christmas reported that American companies were planning to layoff 81,755 employees in June.

Medium-sized companies lost 35,000 jobs and large firms eliminated 76,000 employees.

Pink Slips Abound in June

Best and Worst Places to Build Personal Wealth

According to a new report from Salary.com, a provider of compensation data, the best places to build personal wealth are:

1. Plano, TX
2. Aurira, CO
3. Omaha, NE
4. Minneapolis, MN
5. Albuquerque, NM

The worst places are:

1. New York, NY
2. Washington, DC
3. Los Angeles, CA
4. Honolulu, HI
5. San Francisco, CA

Results were based on salaries, cost of living, and employment rates in cities with 250,000 or more residents.

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