For Job Hunters, a Cold July
The weather may have sizzled in July, but it wasn’t such a hot month for the U.S. economy. Private employers added 71,000 jobs during the month, about half what had been expected, keeping the unemployment rate at a nagging 9.5 percent.
With midterm elections on the horizon, July’s worrisome jobs report ramps up the pressure on lawmakers to kick-start the economy. –JCL
WAIT, BEFORE YOU GO…
The New York Times:
With the American economic recovery hanging in the balance, private employers added 71,000 jobs in July, up from a downwardly revised 31,000 in June but well below the consensus forecast of 90,000. The unemployment rate stayed steady at 9.5 percent.
Over all, the nation lost 131,000 jobs last month, but those losses came as 143,000 Census Bureau workers left their temporary posts, the Labor Department said. June’s number was revised dramatically downward to a total loss of 221,000 jobs. The agency originally reported that the nation lost 125,000 jobs in June.
Figures released last week confirmed that the United States economy slowed in the spring, and the Department of Labor’s monthly statistical snapshot of hiring pointed toward a stall in hiring this summer, as employers failed to add jobs at the rate they were earlier this year.
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