This morning's unemployment report was frustratingly - and surprisingly - disappointing. After the ADP payroll report earlier in the week indicated that the private sector had added 157,000 jobs in June, the official report from the Labor department showed that the economy added a feeble 18,000 jobs for the month: 57,000 added to the private sector, and 39,000 cut from the public sector. That's the lowest figure we've seen in nine months.
And that wasn't the end of the bad news. The government also revised its figures for April and May after determining that those months saw 44,000 fewer jobs created than we had previously thought.
The total number of people unemployed is now up to a staggering 14.1 million, up from the 13.9 million reported as unemployed in May. Overall, the unemployment rate is now officially 9.2 percent - the highest it's been since last December.
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