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 ...
I think the 80K is actually the net change in employment for the month, i.e., it is the number of people hired minus the number of people who lost their jobs. That number is commonly called “new jobs” or “jobs created” but it is actually the estimated net change in total employment.
The President then added, "And there are no American tanks in Baghdad!"
Month after month the pro-Obama media keep repeating the mantra that bad economic news that month was ‘unexpected.”
Unexpected by who, the pro-Obama MSM?
After 3 and a half years of bad news on the economic front virtually every month, I’d say that economic good news is unexpected.
Hopefully Ibama’s Presidential loss in November will be unexpected by the MSM and commie friends.
he drinks like a EUroweinie.
He throws a ball like a little girl,too!
There you go being logical and accepting facts...!
Cut that out!
I’ll watch some real pitching tonight, when Strasburg pitches for the Nats!
Actually, it's unprecedented.
Seriously, I am tired of listening to or reading about BS issued by Hussein's Ministry of truth.
Anyone have a link to the site that tracks ACTUAL unemployment?
It would be perfectly clear if you had attended obummer's new math classes.
"A frequent meme propounded in the economic blogosphere is that U6 unemployment, running near 17% now, is a truer measure (and there are good reasons to believe it is), so that means we have unemployment already approaching Great Depression levels of 25%.
More at link.
Our sluggish economy is clearly racist.
How many of these “jobs” were goverment jobs?
How many were part time service jobs, requiring skills such as reciting "Would you like fries with that?"