Update: The market is tanking. Dow futures are off over 100. In addition to the top-line numbers, the internals are horrible. The work week is now down to 33 hours, the shortest its ever been since the data’s been collected.

Original post: Analysts were looking for about 350,000 job losses, so this is definitely a miss.

On CNBC they’re now talking about the "two-month" average, to justify how things are still improving.

Unemployment for June has hit 9.5%, compares to 9.4% last month. That subtle gain is the "good news" in the report.

Here’s the release from the BLS:

Nonfarm payroll employment continued to decline in June (-467,000),
and the unemployment rate was little changed at 9.5 percent, the Bureau
of Labor Statistics of the U.S. Department of Labor reported today. 
Job losses were widespread across the major industry sectors, with
large declines occurring in manufacturing, professional and business
services, and construction.

Unemployment (Household Survey Data)

The number of unemployed persons (14.7 million) and the unemployment
rate (9.5 percent) were little changed in June.  Since the start of the
recession in December 2007, the number of unemployed persons has increas-
ed by 7.2 million, and the unemployment rate has risen by 4.6 percentage
points.  (See table A-1.)

In June, unemployment rates for the major worker groups–adult men
(10.0 percent), adult women (7.6 percent), teenagers (24.0 percent),
whites (8.7 percent), blacks (14.7 percent), and Hispanics (12.2 per-
cent)–showed little change.  The unemployment rate for Asians was
8.2 percent, not seasonally adjusted.  (See tables A-1, A-2, and A-3.)

Among the unemployed, the number of job losers and persons who com-
pleted temporary jobs (9.6 million) was little changed in June after
increasing by an average of 615,000 per month during the first 5 months
of this year.  (See table A-8.)

The number of long-term unemployed (those jobless for 27 weeks or
more) increased by 433,000 over the month to 4.4 million.  In June, 3
in 10 unemployed persons were jobless for 27 weeks or more.  (See
table A-9.)

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