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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsJob growth has really slowed over the last three months
This BLS report makes it somewhat likelier that the Fed may have to return to balance sheet expansion. Bernanke testifies to congress July 17, and it will be interesting to see what he has to say.
Once again, the ADP employment report was a poor predictor of the Bureau of Labor Statistics report. (It helped fake Goldman into a last minute upward revision of their estimate of the BLS report which had been spot on before they changed it.)
However job growth has really slowed over the last three months with only 225,000 payroll jobs added (a 900,000 annual pace), and only 274,000 private sector jobs (a 1.1 million annual pace). This is very sluggish employment growth.
The unemployment rate was unchanged at 8.2% in June The household survey showed a another increase in employment (128,000 jobs added), and since the participation rate was unchanged at 63.8%, that was just enough to keep with the increase in the labor force.
U-6, an alternate measure of labor underutilization that includes part time workers and marginally attached workers, increased slightly to 14.9%.
http://www.calculatedriskblog.com/2012/07/employment-another-weak-report-more.html
taught_me_patience
(5,477 posts)Greece, Spain, and Italy are grease fires and England has double dipped into recession. Germany, the stalwart of Europe has slowed to a crawl. Meanwhile, manufacturing in Asia is contracting in many countries... Korea, Taiwan, Japan... and China is slowing dramatically. Look for a Chinese stimulus soon to revive their slowing economy.
The slowdown in Europe is really hurting US exports.
doc03
(35,431 posts)of it was also caused from gas prices here.