Business

As Economy Drops Jobs, Paychecks Drop

Rising joblessness and falling wages
Americans lucky enough to still have a job are noticing something unpleasant in their paychecks: They're making less money. Employers cut 467,000 jobs in June, far more than expected, and the jobless rate hit a 26-year high of 9.5 percent. Just as worrisome, wages shrank to their lowest in nearly a year. The recession has taken out 6.5 million jobs in about a year and a half. All told, nearly 15 million people were considered unemployed in June. Average weekly earnings fell about $2 in June to $611.49, the lowest in nearly a year and the first month-to-month drop since March.
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Posted by Editor at July 3, 2009 09:45 AM