PolyMac's predictions of six-digit increases in job loses and an uptick of the national unemployment rate to 9.7% proved to be half correct, with a net of 125,000 jobs lost, but a slight decrease by one tenth of a percent in the unemployment rate to 9.5%.
Unemployment rate falls, but momentum weak in job market: "The jobless rate was 9.5 percent last month, down from 9.7 percent in May, a surprising decrease that came as hundreds of thousands of workers dropped out of the labor force. Private employers added 83,000 jobs in June, more than double the rate in May but still below the six-figure job creation numbers that would suggest a strong recovery in employment.
Overall, employers shed 125,000 jobs in June; however, that figure was distorted by the Census Bureau cutting 225,000 temporary jobs. The total of 100,000 jobs added, excluding the Census, is lower than the 130,000 or so jobs needed every month just to keep up with growth in the labor force, which could put upward pressure on the jobless rate in the months ahead."
