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Job growth remains weak
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| Contributor | Jason |
| Last Edited | Jason Aug 06, 2010 07:57pm |
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| Category | News |
| News Date | Saturday, August 7, 2010 01:00:00 AM UTC0:0 |
| Description | The U.S. economy created a modest 71,000 private sector jobs in July, signaling that the economic recovery continues at a sluggish pace and raising pressure on President Barack Obama and congressional Democrats to convince skeptical midterm election voters they have a plan to jump-start growth.
Overall, the Labor Department reported, nonfarm payroll employment fell 131,000 in July and the unemployment rate held steady at 9.5 percent. The job losses included the elimination of 143,000 temporary census workers.
The jobs report for June was revised sharply lower. Payrolls actually fell 221,000 during the month rather than the previously reported decline of 125,000. The private sector created only 31,000 jobs in June, not the 83,000 previously reported.
Republicans immediately pounced on the report.
"Today’s disappointing jobs report falls short of where we need to be. The policies originating from this White House are creating an environment of uncertainty and fear for business people and employees, preventing investment and hiring,” House Minority Whip Eric Cantor said. |
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