467,000 jobs cut in June; jobless rate at 9.5 percent
WASHINGTON — Employers cut a larger-than-expected 467,000 jobs in June and the unemployment rate climbed to a 26-year high of 9.5 percent. Workers also saw weekly wages fall, suggesting Americans will have little appetite to spend and the economy’s road to recovery will be bumpy. The Labor Department report, released Thursday, showed that even as the recession flashes signs of easing, companies likely will want to keep a lid on costs and be wary of hiring until they feel certain the economy is on solid ground. President Barack Obama, in an interview with The Associated Press, said he is “deeply concerned” about unemployment and conceded that too many families are worried about “whether they will be next” to suffer an economic blow. He also expressed disappointment over the weak employment figures, acknowledging that “what we are still seeing is too many jobs los.
» Full StoryU.S. auto sales declines show signs of stability
DETROIT — U.S. car and truck sales showed signs of stabilizing in June after a year of sharp declines, but every major automaker except Honda Motor Co. reported lower sales than in May.
» Full StoryJob losses hit June consumer confidence
NEW YORK — Mounting job losses and other economic realities caught up with Americans in June, pushing down a key barometer of consumer sentiment after a streak of gains built on glimmers of hope.
» Full StoryJobless claims rise; National output dips at lower pace
WASHINGTON — Despite persistent layoffs, the economy seems to be faring better than it was at the start of the year.
The Labor Department said Thursday that new jobless claims jumped unexpectedly last week.
Fed says recession easing and inflation remains tame
WASHINGTON — The Federal Reserve signaled Wednesday that the weak economy likely will keep prices in check despite growing concerns that the trillions it’s pumping into the financial system will ignite inflation.
» Full StoryCiti boosting salaries to offset lower bonuses
NEW YORK — Citigroup Inc. is increasing the base salaries of many employees — reportedly by as much as 50 percent for some workers — as it restructures their compensation amid government restrictions on bonuses.
» Full Story