From a shocked Reuters
U.S. employment growth ground to a halt in June, with employers hiring the fewest number of workers innine months, dampening hopes the economy was on the cusp of regaining momentum after stumbling in recent months.
Nonfarm payrolls rose only 18,000, the weakest reading since September, the Labor Department said on Friday, well below economists’ expectations for a 90,000 rise.
Many economists raised their forecasts on Thursday after a stronger-than-expected reading on U.S. private hiring from payrolls processor ADP, and they expected gains of anywhere between 125,000 and 175,000.
The U.S. has had an unemployment rate above 8% for over 28 months. To put this in perspective 20 years ago, in June 1992, unemployment peaked at 7.8% then went lower.The unemployment rate climbed to 9.2 percent, the highest since December, from 9.1 percent in May.
As is our tradition with rising unemployment rates you get a drunk sad stormtrooper photo.