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U.S. job losses for sixth straight month

The number of non-farm jobs diminished again in June as expected according to the latest government figures, marking the sixth straight month of job losses.

The U.S. Department of Labor reported on Thursday that the economy lost 62,000 non-farm jobs last month. It also revised downward May's job losses from 49,000 to 62,000. The unemployment rate was steady at 5.5 percent after jumping half a percentage point last month.

"Each additional month of job losses makes it more difficult to argue that the U.S. is not in a recession," said Lakshman Achuthan, managing director of the Economic Cycle Research Institute. "To put it in perspective, we haven't seen four months of losses outside of a recession."...

"All of these, these are drivers of the business cycle and they have yet to turn up," he said. "That's probably the most important thing, that tells us that this downward trend is likely extend."