Solis comments on job loss
Employers
cut a larger-than-expected 467,000 jobs in June and the unemployment
rate climbed to a 26-year high of 9.5 percent to the displeasure Cal
Poly Pomona graduate and Labor Secretary Hilda Solis.
Workers also saw weekly wages fall, suggesting Americans will have little appetite to spend and the economy's road to recovery will be bumpy.
The Labor Department report, released Thursday, showed that even as the recession flashes signs of easing, companies likely will want to keep a lid on costs and be wary of hiring until they feel certain the economy is on solid ground, according to the Associated Press.
Since the recession began in December 2007, the economy has lost a net total of 6.5 million jobs.
"We are in some very hard and severe economic times," Solis said. "The president and I are both not happy."
Still, Solis said she thought it was too early to consider a second government stimulus, saying more time is needed for the current one to take hold.
"I do think the public needs to be patient," she said. "We know they are hurting."
Workers also saw weekly wages fall, suggesting Americans will have little appetite to spend and the economy's road to recovery will be bumpy.
The Labor Department report, released Thursday, showed that even as the recession flashes signs of easing, companies likely will want to keep a lid on costs and be wary of hiring until they feel certain the economy is on solid ground, according to the Associated Press.
Since the recession began in December 2007, the economy has lost a net total of 6.5 million jobs.
"We are in some very hard and severe economic times," Solis said. "The president and I are both not happy."
Still, Solis said she thought it was too early to consider a second government stimulus, saying more time is needed for the current one to take hold.
"I do think the public needs to be patient," she said. "We know they are hurting."
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