American employers added fewer workers to payrolls than forecast in June and the jobless rate stayed at 8.2 percent as the economic outlook dimmed.
The 80,000 gain in employment followed a 77,000 increase in May, Labor Department figures showed today in Washington. Economists projected a 100,000 rise, according to the median estimate in a Bloomberg News survey. Growth in private payrolls was the weakest in 10 months.
Stocks fell on concern hiring has shifted into a lower gear, restricting consumer spending and leaving the economy more vulnerable to a global slowdown. The figures underscore concern among some Federal Reserve policy makers that growth isn’t fast enough to lower unemployment stuck above 8 percent since February 2009.
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What is even more alarming is that 85,000 americans filed for permanent disability during the same month.
ReplyDeleteSo bottom line - the US did not add one single job during but actually lost 5,000 jobs during the month of May.
FOX news did a special on this last night and they showed a graph since Obama has been in office. The disability numbers are soaring through the roof as a result of a poor economy.