Despite recent signs of stabilization in the labor market, a Labor Department report today indicated the road to recovery won’t be easy.
 
Non-farm payrolls fell a larger-than-expected 467,000 in June, reversing a trend that had seen the number of job losses get smaller for four months in a row. Job losses were broad-based during the month, with nearly every economic sector shedding jobs.
 
Today’s report brings the total number of jobs lost since January 2008 to almost 6.5 million. In addition, the unemployment rate ticked up to 9.5 percent, the highest level since August 1983.
 
Overall, today’s data indicate the labor market remains on shaky ground as businesses continue looking for ways to cut costs amid continually weak demand. In contrast, weekly unemployment claims data, which has improved on a consistent basis in recent weeks, tell a more positive story.
 
Nonetheless, the economy likely will continue shedding jobs for at least the next year as the U.S. economy struggles to emerge from its worst recession since the early 1980s.