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Firms Cut 44,000 Jobs, Sixth Straight Decline; Factories Led July Fall; Jobless Rate Slid To 6.2%; Recovery's missing piece still AWOL as payrolls off 486,000 so far this year.(A)
Byline: CHRISTINA WISE
Despite signs the economy has perked up in recent weeks, it still isn't creating jobs.
Nonfarm payrolls shrank by 44,000 in July, the sixth straight month of job losses, the Labor Department said Friday. That was well short of the 10,000 gain economists expected. The agency also revised June data to show a loss of 72,000 jobs, more than double the 32,000 decline reported earlier.
Unemployment fell to 6.2% in July from June's nine-year high of 6.4%. But that was due to 556,000 people leaving the labor force, not to more jobs.
"The employment report overall was weak, which would probably suggest that the GDP growth we saw in the second quarter was once again more driven by productivity than by anything else," said Brian Bush, director of equity research at investment bank Stephens Inc. "Job creation was not a big component of that growth."
Factory Activity, Pink Slips Up
July's payroll decline was fueled by a drop of 71,000 factory jobs. In the last three years, manufacturers shed 2.6 million jobs.
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