Skip to comments.'Disappointing' jobs report comes in below expectations -- again
Posted on 07/06/2012 9:35:38 AM PDT by NormsRevenge
WASHINGTON -- U.S. employers added only 80,000 jobs in June, a third straight month of weak hiring that shows the economy is still struggling three years after the recession ended.
The unemployment rate was unchanged at 8.2 percent, the Labor Department said in its report Friday.
The economy added an average of just 75,000 jobs a month in the April-June quarter. That's one-third of the 226,000 a month created in the first quarter.
For the first six months of the year, U.S. employers added an average of 150,000 jobs a month. That's fewer than the 161,000 a month for the first half of 2011. And it shows that the job market is weakening.
"It's a disappointing report," said George Mokrzan, director of economics at Huntington National Bank in Columbus, Ohio. He said the job gains are consistent with sluggish economic growth.
The stock market opened sharply lower. The Dow Jones industrial average dropped 146 points in the first hour of trading, and the Standard & Poor's 500 index fell 15 points, or 1.1 percent.
Money flowed into government bonds, perceived by investors as safer. The yield on the benchmark 10-year U.S. Treasury note, which moves in the opposite direction from its price, fell to 1.55 percent, from 1.59 percent on Thursday.
A weaker job market has made consumers less confident. They have pulled back on spending, even though gas prices have plunged since early spring.
Europe's debt crisis is weighing on U.S. exports, which has slowed growth at U.S. factories. And the scheduled expiration of several big tax cuts at the end of this year has increased uncertainty for many U.S. companies, making many hesitant to hire.
(Excerpt) Read more at mercurynews.com ...
Is that anything like ‘unexpected’?
unexpected - now all drink!
Hang in there, Sane America!
November is our next best Hope for Change.
same piece out there also titled as.. US employers add 80,000 jobs as economy struggles
bbc news has it - US unemployment rate unchanged
US jobs data triggers share price slip
US shares have fallen after official data showed firms had created only 80,000 new jobs in June, leaving the jobless rate unchanged at 8.2%.
Job creation remains below the 100,000 judged necessary by the Federal Reserve for a stable job market, according to the US Labor Department.
Shares slipped after the news, with the opening Dow Jones index falling 1%.
President Barack Obama said the rise in employment was “a step in the right direction”.
Campaigning in the swing state of Ohio on Friday, President Obama acknowledged that “it’s still tough out there” for ordinary Americans.
Amen to that!
'STEP IN THE RIGHT DIRECTION' ?
he drinks like a EUroweinie.
Bush = expected. 5% = worst economy since dinosuars.
Obama = unexpected. Give him more time can’tcha?
I read an interesting article yesterday that explained why the Obama administration has been able to issue hyped up job reports every month this year, only to lower the numbers just before the next jobs report is due out.
In the first six months of the year, the labor dept issues a guesstimate of how many jobs are created by new companies and start ups that are not yet on the labor dept books. This method of reporting allows the government to look good , but the numbers must be made more realistic before the following report to prevent the numbers from becoming too out of whack, creating a negative job report for July, when only the real numbers can be reported.
Obama knows this and there were warnings all over the net, yesterday, not to expect too much of the June figures for this reason.
It is amazing that 100,000 new jobs are needed for a stable job market, but 80,000 jobs results in the unemployment rate remaining unchanged.
What surprises me is that this is unexpected. I expected it. With the country in charge of the socialists, what else could anyone expect?
What a pussy, fagot, girly man.
The number that’s missing relates to how many people left the workforce - those no longer looking for jobs. It’s in the millions since Obama was elected.
What’s the revision on the last report?
I agree. While U3 remained unchanged, interestingly U6 went up. IOW, the only reason it went unchanged is because some job seekers settled for part time jobs that don't begin to satisfy their needs, and some just stopped looking for jobs.
If Obama could discourage the entire group of unemployed so badly by November that they stopped looking altogether, then he could drop the unemployment rate to 0%. Even if ZERO jobs were created.
The news media is running out of (even distant) synonyms.
Guess that”magic negro” isn’t quite so magic!!
Sluggish job growth isn’t caused by gridlock in the current congress. It’s caused by the insane hyper-activism of the previous congress lead by Pelosi & Reid. Sluggish job growth is the result of the Obamacare law, crazy regulatory policy like CO2 regulation, and even crazier attempted regulatory policy such as the insane Waxman/Markey Cap & Trade bill. Obamacare and the administration’s irrational, loony regulatory policies (often based on junk science) have seriously damaged the confidence of business people and caused them to reduce hiring and expansion plans.
Help me out here, maybe I am just really dense. If the average new unemployment claims are 380K and the new jobs is 80K, isn’t that a net loss of 300K jobs?
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