One report by Reuters said the U.S. lost 49,000 jobs in May, the fifth straight monthly decline, and the unemployment rate rose to 5.5 percent, the biggest jump in than two decades. Somehow the data for May is open for debate. A different report said 25,000 jobs were added in May, although it is hard to have five straight months of declines if that were the case. Companies in the U.S. cut an estimated 79,000 jobs in June, a private survey based on payroll data showed.
I am in agreement with the initial figures for May, and I believe at least 25,000 jobs went away, plus 79,000 more in June. Keep in mind that some of the unemployed also lost their unemployment benefits and could not get a job. True unemployment in the United States is over 10 percent and possibly close to 12 percent. Another wave of subprime resets will hit this summer, and the security risks involved may mean job losses for those with specilized backgrounds, security clearances, or those who must qualify for a company credit card.