US companies add fewer July job hires
By Christopher S. Rugaber |
August 7, 2010, Saturday
|
Print Edition
Print Edition
AMERICAN companies showed a lack of confidence about hiring for a third straight month in July, making it likely the United States economy will grow more slowly this year. The unemployment rate was unchanged at 9.5 percent.
Private employers added a total of 71,000 jobs in July, far below the roughly 200,000 needed each month to reduce the unemployment rate.
Overall, the economy lost a net total of 131,000 jobs last month, the US Labor Department said yesterday, mostly because 143,000 temporary census jobs ended.
The department also revised down its jobs figures for June, saying businesses hired fewer workers than previously estimated. June's private-sector job gains were lowered to 31,000 from 83,000. May's were raised slightly to show 51,000 net new jobs, up from 33,000.
"There is still a labor market recovery, but it's a very, very weak one," said Nigel Gault, chief US economist at IHS Global Insight.
The slow pace of hiring will weigh on the recovery, he said, with economic growth in the current quarter likely to come in even lower than the April-June quarter's already weak 2.4 percent.
The "underemployment" rate was the same as in June, at 16.5 percent. That includes those working part time who would prefer full-time work and unemployed workers who've given up on their job hunts.
All told, there were 14.6 million people looking for work in July. That's roughly double the figure in December 2007, when the recession began. Yesterday's report is being closely watched by the Federal Reserve as it considers ways to energize the recovery.
Private employers added a total of 71,000 jobs in July, far below the roughly 200,000 needed each month to reduce the unemployment rate.
Overall, the economy lost a net total of 131,000 jobs last month, the US Labor Department said yesterday, mostly because 143,000 temporary census jobs ended.
The department also revised down its jobs figures for June, saying businesses hired fewer workers than previously estimated. June's private-sector job gains were lowered to 31,000 from 83,000. May's were raised slightly to show 51,000 net new jobs, up from 33,000.
"There is still a labor market recovery, but it's a very, very weak one," said Nigel Gault, chief US economist at IHS Global Insight.
The slow pace of hiring will weigh on the recovery, he said, with economic growth in the current quarter likely to come in even lower than the April-June quarter's already weak 2.4 percent.
The "underemployment" rate was the same as in June, at 16.5 percent. That includes those working part time who would prefer full-time work and unemployed workers who've given up on their job hunts.
All told, there were 14.6 million people looking for work in July. That's roughly double the figure in December 2007, when the recession began. Yesterday's report is being closely watched by the Federal Reserve as it considers ways to energize the recovery.
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