Arab Today, arab today hiring slows spells trouble for economy obama
Last Updated : GMT 01:09:37
Arab Today, arab today
Arab Today, arab today

Hiring slows, spells trouble for economy, Obama

Arab Today, arab today

Arab Today, arab today Hiring slows, spells trouble for economy, Obama

Washington - Arabstoday

Employers cut back on hiring in April and more people stopped looking for work, troubling signs for President Barack Obama whose re-election prospects could hinge on his handling of the economy. Employers added 115,000 workers to payrolls last month, the Labor Department said on Friday. It was the third straight month in which hiring had slowed, intensifying fears the U.S. recovery is losing momentum. Even a slight drop in the unemployment rate to 8.1 percent had a dark tone because the fall was due entirely to people dropping out of the workforce. "The bottom line is you don't have evidence that this economy has reached escape velocity," said Robert Tipp, an investment strategist at Prudential Fixed Income. Analysts had expected 170,000 new jobs in April, and the shortfall could open the door a bit wider for the Federal Reserve to step up efforts to help the economy. Major U.S. stock indexes tumbled, with the broad S&P index ending down more than 1.5 percent and yields on benchmark U.S. government bonds sliding to lows not seen in months. Still, the report was not all negative. The government revised upward earlier estimates for payroll growth in February and March by a combined 53,000 jobs. POLITICAL ECONOMY The report could rattle nerves at the White House. Weak U.S. growth and high unemployment create a formidable headwind for Obama, who entered office during the darkest days of the 2007-09 recession. Obama, who will hold his first campaign rallies on Saturday, said he would urge Congress next week to implement "common-sense ideas" to accelerate job growth. "We've got to do more if we're going to recover all the jobs lost in the recession," he told a group of students in the Washington suburb of Arlington, Virginia. His Republican challenger, Mitt Romney, repeated accusations that Obama has not done enough to help Americans get back to work. "We seem to be slowing down, not speeding up. This is not progress. This is very, very disappointing," he told Fox News. The unemployment rate, which soared to as high as 10 percent during Obama's first year in office, held near 9 percent for most of last year before falling sharply over the winter. The decline had raised hopes that the economy had turned a corner. Those hopes dimmed on Friday. Even with the latest decline, the jobless rate remains about 2 percentage points higher than its average over the last 50 years, and the Fed thinks the labor market probably won't be at full health until at least after 2014. Fed Chairman Ben Bernanke said last month the U.S. central bank is providing enough support for the economy but kept open the possibility of a fresh round of bond purchases to lower borrowing costs should the economy weaken. "They obviously are going to be on guard now that employment growth is not picking up," said Sean Incremona, an economist at 4Cast. UNDER PRESSURE Many economists think the weakness evident in the labor market over the last few months is largely payback for stronger hiring during a mild winter. That would temper fears the economy is losing steam. Still, the employment report included several ominous numbers. The participation rate, a measure of how many Americans are looking for work, fell to a 30-year low at 63.6 percent of the population. The retirement of baby boomers has helped push that rate lower but many people also have stopped looking for work because they are discouraged by a sour jobs market. People must be actively seeking work to count as part of the labor force. The report also showed government payrolls contracted by 15,000, the biggest loss since November. Public payrolls have been under pressure as politicians worry about heavy debt loads and lackluster tax revenues. The private sector added 130,000 new positions, with manufacturing adding a strong 16,000 jobs. Jobs in transportation and warehousing shrank by almost 17,000. (Additional reporting by Luciana Lopez and Chris Reese in New York; Editing by Andrea Ricci and James Dalgleish)

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today hiring slows spells trouble for economy obama Arab Today, arab today hiring slows spells trouble for economy obama

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Actress Mervat Amin reveals her role in new series
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 06:04 2017 Thursday ,23 March

Haifa Wahby bets on her new drama show

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 20:03 2017 Saturday ,25 March

Health expert warns from dust sensitivity

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday