Bumpy: New Jobless Numbers Released - Cleveland 19 News Cleveland, OH

Bumpy: New Jobless Numbers Released

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WASHINGTON, DC (CBS) - The June unemployment report had both clouds and silver linings. In all, not as bad as some had feared.  However, the numbers show the economy is still on a very bumpy road to recovery.

The nation's unemployment rate dropped to 9 point 5 percent in June. That's the lowest rate in a year, but still uncomfortably high, with well over 14-million Americans out of work.

"Make no mistake, we are headed in the right direction. But, we're not headed there fast enough for a lot of Americans. We're not headed there fast enough for me either," said the President.

The nation lost 125-thousand jobs in June, mostly because of temporary census work coming to an end.

The key number is in the private sector, where employers added 83-thousand jobs. That's an improvement from May but still weak, and less than economists were expecting.

On Wall Street, traders were hoping for better news. The job market is critical to stock performance because when people aren't working they don't spend money. And that hurts business.

President Obama promised to help with a project to expand broadband connections around the country. 

"When communities adopt broadband access it can lead to hundreds of thousands of new jobs," said the President.

Of the 14-million unemployed, nearly half have been out of work for more than six months. The Senate blocked a measure to extend jobless benefits for those long-term unemployed - then headed out for the fourth of July break.

If lawmakers don't take action by the end of the month more than 3-million people will lose their benefits.

 

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