More people went on disability than there were jobs created last month.
U.S. payrolls expanded by just 80,000 net jobs in June keeping the unemployment rate flat at 8.2 percent, new data from the Bureau of Labor Statistics shows.
The private sector only expanded by some 84,000 positions.
Economists polled by Bloomberg had forecast a gain of 100,000 positions during the month, with private payrolls advancing 106,000.
The disappointing report, which follows several months of weak economic gains, has sent U.S. markets sharply lower.
Millan Mulraine, an economist with TD Securities, attributed the gains to the manufacturing industry, which improved by 11,000 jobs this June. The service sector added 71,000 positions, down from 81,000 a month earlier.
However, Mulraine said the new data continues to emphasize the stagnating labor market recovery.
"The slow pace of jobs growth underscores the weakening economic growth momentum and reinforces the perception that the economy has remain mired in another soft patch," Millan says. "With the labor market recovery appearing to be stalled, the case for further policy accommodation will likely be strengthened, particularly given the benign inflationary background."
Remember – according to the Obama Administration, the stimulus of his first year would have brought unemployment to 5.6% by now. Call that another Obama promise not lived up to be the Failure-in-Chief.
Five million jobs.
That's how many the economy has still failed to recover since the Great Recession officially ended three years ago.
The nation lost nearly 8.8 million jobs between January 2008 and February 2010. Since then, it's regained more than 3.8 million — less than 44 percent.
The economy has added just 137,000 jobs a month since employment hit bottom. At that pace, it would take three more years for employment to return to where it was in January 2008.
Remember—February 2010 is when we supposedly began a “recovery”. After 2 ˝ years we’ve recovered less than half of the jobs lost during the recession.