Unemployment Rises In June
July 06, 2001
Despite some encouraging reports over the past several weeks, the latest unemployment numbers suggest an economic recovery may still be further off than expected.
The U.S. unemployment rate rose 0.1 percent to 4.5 percent in June as the economy lost 114,000 jobs during the month. Job cuts announced by U.S. companies jumped 56 percent to nearly 125,000 in June compared with May. For the 11th straight month, manufacturing payrolls fell. Factories have laid off 785,000 people over the last 12 months, with three-quarters of those layoffs occurring since January.
A slide in the jobs market can further weaken consumer confidence and spending patterns, and it shows that many businesses are still reeling - bad news for freight shipments.