Posted on 07/08/2011 6:46:17 AM PDT by RobinMasters
U.S. employment growth ground to a halt in June, with employers hiring the fewest number of workers in nine months, dampening hopes the economy was on the cusp of regaining momentum after stumbling in recent months.
Nonfarm payrolls rose only 18,000, the weakest reading since September, the Labor Department said on Friday, well below economists' expectations for a 90,000 rise.
Many economists raised their forecasts on Thursday after a stronger-than-expected reading on U.S. private hiring from payrolls processor ADP, and they expected gains of anywhere between 125,000 and 175,000.
The unemployment rate climbed to 9.2 percent, the highest since December, from 9.1 percent in May.
The government revised April and May payrolls to show 44,000 fewer jobs created than previously reported. The report shattered expectations that the economy was starting to accelerate after a soft patch in the first half of the year.
The private sector added 57,000, accounting for all the jobs created, with government employment shrinking 39,000 because of fiscal problems at local and state governments.
Economic activity in the first six months of the year was dampened by rising commodity prices and supply chain disruptions following Japan's devastating earthquake in March.
(Excerpt) Read more at cnbc.com ...
ping
Drink!
Debbie Wasserman Schulz, DNC Chairperson, ‘We own this economy!’
Thanks,Debbie.
And way below economists' EXPECTORATIONS, as leftist economists hock their statistical phlegm and eject and expel it into the faces of working and struggling Americans.
My prediction is that we will not see single digit unemployment again until we have a new POTUS.
Why?
a) State, Counties, and Cities are laying off in big numbers.
b) Extending foreclosure forbearance for unemployed creates a disincentive for them to find a job.
c) US Government shutdown will delay payments to contractors who will then be forced to layoff employees.
d) Fed will be forced to implement QE3 to keep rates low, which will decrease the dollar resulting in higher oil and food costs
It’s an election year so Barky will soon be mailing out freshly printed $1,000 bills with his face on them to America’s vast leisure class. China owns the printing presses now and gets paid in yuans.
the real unemployment level is over 20%.
OK, let's sing it.. "Happy days are here again, the skies above are clear again,let us sing a song of cheer again, Happy days are here again, Altogether shout it now .."
My son just lost his job again. He’s in construction, the bellwether of the economy.
Nobody’s hiring here. There’s no work out there. The kids coming out of high school have no hope.
Obama is a disaster.
Well the shovels are ready so we can dig ourselves out of this ditch in 2012
If he can stop campaigning and start governing as American things may change.
Maybe if they try another stimulus and QE3, the results will be different. /s
How nice.
Too early and I already have a hangover from this dog with mange administration.
A recent report quoted Gene Sperling saying that Americans don’t care about jobs numbers.
Funny, I can’t find any articles about that quote. Hmmmm
He is all about campaigning and livin' large on da man!
Can I ask where this graph is from - it makes a powerful case against porkulus.
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