Hiring Slows Even Further, Unemployment Rises to 9.2 Percent

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Photo: Chris Hondros/Getty Images

Only 18,000 net jobs were added to the economy in June, a disappointing number that shows that hiring is at a near standstill. It was the lowest jobs increase in nine months and resulted in a national unemployment rate of 9.2 percent. That's up slightly from last month's 9.1 percent, and significantly up from the 8.8 percent we hit in March. According to numbers from the Labor Department, last month's numbers also needed to be adjusted — originally it was reported that the economy added 54,000 jobs in May, but it turns out the number was less than half that. The June numbers are a result of a number of factors: The government cut 39,000 jobs, and the Japanese tsunami crisis is still having ripple effects on manufacturing. High gas prices and the weak housing market have also stymied the economy. President Obama is scheduled to make a statement regarding the disappointing jobs report later this morning.

Unemployment rose to 9.2 percent as hiring stalls [NYP]