Weak US hiring expected for fourth straight month

Discussion in 'Economy' started by Nova78, Aug 3, 2012.

  1. Nova78
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    Nova78 Silver Member

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    $Economy-Sinking-Ship.jpg Weak US hiring expected for fourth straight month | Comcast

    U.S. hiring was likely sluggish in July for a fourth straight month, held back by slower economic growth and an uncertain outlook.

    Analysts forecast that employers added 100,000 jobs last month, according to a survey by FactSet. The unemployment rate is expected to remain at 8.2 percent for the third straight month

    That's not enough new jobs to keep up with population growth, let alone satisfy the 12.7 million Americans who are unemployed and looking for work.

    Another month of tepid job gains could hurt President Barack Obama's re-election campaign. The unemployment rate has topped 8 percent since his first month in office, the longest stretch on record. No president since World War II has faced re-election with unemployment over 8 percent.

    Weak hiring could also push the Federal Reserve closer to taking more action to spur growth. The Fed, which ended a two-day policy meeting Wednesday, signaled in a statement a growing inclination to take further steps if hiring doesn't pick up.

    Rising pessimism about the future is taking a toll on businesses and consumers, many economists say. Europe's financial crisis has weakened that region's economy, hurting U.S. exports. Worries have also intensified that the U.S. economy will fall off a "fiscal cliff" at the end of the year. That's when tax increases and deep spending cuts will take effect unless Congress reaches a budget deal. A recession could follow, Fed Chairman Ben Bernanke has warned.

    The insane are running the Country....
     
  2. uscitizen
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    uscitizen Senior Member

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    You meant year instead of month in your title?
     
  3. expat_panama
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    expat_panama Silver Member

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    As expected, it's worse than expected; here's the the actual BLS release:
    [​IMG]
    It means that a couple hundred thousand fewer people are working while the population's grown by an equal amount. That's four hundred thousand more people wanting work that isn't there.
     

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