WASHINGTON (AP) — Hiring slowed to a near-standstill last month. Employers added the fewest jobs in nine months and the unemployment rate rose to 9.2 percent.
The economy generated only 18,000 net jobs in June, the Labor Department said Friday. And the number of jobs added in May was revised down to 25,000.
The latest report offered stark evidence that the recovery will be painfully slow. Businesses added the fewest jobs in more than a year. Governments cut 39,000 jobs. Over the past eight months, federal, state and local governments have cut a combined 238,000 positions.
Two years after the recession officially ended, companies are adding fewer workers despite record cash stockpiles and healthy profit margins.