Economy Lost 62,000 Jobs in June (Update)

Manufacturing also posted a sharp decline of 33,000 jobs last month, though the booming U.S. export business has helped keep that sector from collapsing. Retailers cut 7,500 and financial services lost 10,100.

While there were some bright spots in the report -- the health-care and oil-exploration sectors remained strong -- it is far from a rosy picture for someone trolling job listings. As Glassman noted, "there are fewer people in the oil-exploration business than ... we have at JPMorgan."