The economy lost 125,000 jobs in June, the largest decline since October 2009, as temporary 2010 Census employees were let go, and the private sector added a modest number of jobs, the Bureau of Labor Statistics said on Friday.
The June unemployment rate is 9.5 percent, slightly down from the 9.7 percent posted the month before. The private sector added a mere 83,000 jobs in the month of June.
Commenting today on the jobs report at Andrews Air-force Base, President Obama said that the jobs report reflects private sector growth.
“We are headed in the right direction, just not fast enough,” Obama said. “Jobs are growing, but not fast enough for me yet.”
Obama also used to occasion to announce investment in 66 new Recovery Act broadband projects nationally, which he said would create thousands of jobs up front but also help spur economic development in some of the nation’s hardest-hit communities.
Christina Romer, Chair of the council of Economic Advisors, echoed the president’s message saying that June marked the sixth month in a row of private sector job growth, but that more needed to be done, including tax credits for small business, extension of unemployment insurance benefits, and measures to boost exports, in order to increase the pace of job growth.
