*(Via CNNMoney) — The job market hit a major roadblock last month, as hiring slowed to a crawl and the unemployment rate unexpectedly rose.
The economy gained just 18,000 jobs in June, the government reported Friday, sharply missing most expectations and coming in even weaker than the paltry 25,000 jobs added in May.
It marked the weakest month since September, when the economy was still losing jobs. Immediately after the release, stock futures plummeted and bond prices rose.
“At first, when I heard it, I thought maybe they had announced the wrong numbers, they were so bad,” said Robert Brusca of Fact and Opinion Economics.
Economists were expecting government job losses, but few had predicted that private businesses would pull the reins back so tightly.
Private businesses added only 57,000 jobs in June – the weakest growth since May 2010. Earlier this year, businesses had been adding more than 200,000 jobs each month
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