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Jobless claims fall for third week in row
Economy rebounds in second quarter, mostly spurred by exports
Dillard's reports wider losses in sales
Bioscience partnership goes global
Losses nearly set a record for 'thrifts'
Chrysler looking to sell Viper line
Nonprofit forum on tax changes
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Receivers battle for roster spot
Man arrested for posing as deputy at Manchester schools
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Browns' safety shines in media's spotlight
Senior complex in Copley is facing court sale
Gun-carrying man accused of impersonating police officer at Manchester schools (with video)
Blogs:
Akron Law Café:
The Heldenfiles:
"Beverly Hills, 90210" Flashback: "One Man and A Baby"
Patrick McManamon:
First and 10: Using a waste of a week to get healthy
Browns Bulletin:
Game preview: Bears at Browns, Week 4 (preseason)
Cleveland Browns:
Browns v. Lions: Fourth Quarter
Cleveland Indians:
Ten for ten. Playoffs possible?
Akron Aeros:
Aeros notes entering final regular-season home stand
Akron Zips:
ABJ releases Zips season preview
Varsity Letters:
Area girls have eyes on soccer titles
Kent State Sports:
Evans expected to be in class monday
The Sports Mix:
Ohio State Buckeyes - BTN and TW Reach a Deal
Ohio Politics:
Late Night Notes
All Da King's Men:
Day Two, The Return Of Hillary
Blog of Mass Destruction:
The Hoax Ends
HRLite House:
Gas Prices and HR
Akrocentric:
"Sunflower," a poem by Frank Steele
Akron Gamer:
A look at Madden NFL 09, pt. 2: Gameplay
BokBluster:
Great White House Breakout
Ohio Travels with Betty:
Mary Alice, a longtime collector of Fenton glass asks, what is the status of the company?
Sound Check:
LeRoi Moore, Dave Matthews Band saxophonist dies
Tia's Trends:
Light at the end of the Tunnel?
Unemployment rate holds steady at 5.5 percent after jumping in May
By Jeannine Aversa
Associated Press
Published on Friday, Jul 04, 2008
WASHINGTON: The nation lost jobs for a sixth month in a row in June, with more than 60,000 affected.
Weighed down by energy prices and the housing crisis, employers laid off workers in stores, factories and building sites.
With more job cuts expected in coming months, there's growing concern that many people will pull back on their spending later this year when the bracing effect of the tax rebates fades.
In June alone, employers cut 62,000 jobs, bringing total losses so far this year close to a staggering half-million 438,000, according to the Labor Department's report released Thursday. The economy needs to generate more than 100,000 new jobs a month for employment to remain stable.
The jobless rate held steady at 5.5 percent after jumping in May by the most in two decades. Still, June's jobless rate was considerably higher than the 4.6 percent of a year ago. The unemployment rate is expected to climb through the rest of this year and top 6 percent early next year.
Just in the past few days, Chrysler LLC said it would close a plant and Starbucks Corp. said it would shut about 600 stores in the next year, meaning more lost jobs ahead. American Airlines has said it might cut flight attendant jobs.
When companies do have openings, job hunters are in for more competition.
''I get resumes upon resumes upon resumes when I put up job postings,'' said Jeff Posner, president and owner of e-ventsreg.com, a small New Jersey firm that handles registration and check-ins for trade shows.
There were 8.5 million unemployed people as of June, up from 7 million a year earlier.
Heavy job losses were reported in construction, manufacturing and financial services the worst casualties of the housing, credit and financial debacles. Cutbacks also came in retailing, temporary help, trucking, publishing and elsewhere. That more than swamped job gains in other places including health care, education, hotels, bars and restaurants and the government.
Other economic news revealed more weak spots.
• The number of newly laid off people signing up for unemployment insurance rose sharply last week. New applications jumped by 16,000 to 404,000, the highest level since late March.
• The nation's service sector generally an engine for the economy contracted in June. The Institute for Supply Management's index of the service sector fell to 48.2 in June from 51.7 in May. A reading below 50 signals activity is shrinking. A reading above that suggests activity is expanding.
''The economy will get worse before it gets better,'' said Sung Won Sohn, an economics professor at California State University.
With inflation concerns growing, the Federal Reserve last week ended an aggressive interest rate-cutting campaign, started last September to shore up economic growth.
WASHINGTON: The nation lost jobs for a sixth month in a row in June, with more than 60,000 affected.
Get the full article here.

