The headline says it all! This is suggestive of a long, drawn-out recession.
from Marketwatch:
- The U.S. economy shed jobs at a faster pace in June than in May, suggesting that the turnaround in the economy may take longer than expected.
Nonfarm payrolls shrank by 467,000 in June, higher than the 325,000 decline expected by economists surveyed by MarketWatch and the 322,000 jobs lost in May.
The unemployment rate ticked higher to 9.5% in June from 9.4% in the previous month. Economists had expected the unemployment rate to rise to 9.6%.
