us unemployment rises on stagnant job creation
Last Updated : GMT 14:10:34
Arab Today, arab today
Arab Today, arab today

US unemployment rises on stagnant job creation

Arab Today, arab today

Arab Today, arab today US unemployment rises on stagnant job creation

Washington - Afp

US unemployment climbed to 9.2 percent as job creation stalled in June, official figures showed, posing new challenges to the Obama administration\'s efforts to rev up economic growth. A much-awaited Labor Department report showed a second month in a row of virtually no improvement, jobs-wise. The economy generated a paltry net 18,000 positions in June, after just 25,000 in May. The data, which showed 14.1 million Americans still jobless two years after the 2008-2009 recession ended, was uniformly seen as bad news for the government of President Barack Obama as Republican opponents challenge his economic record heading into elections next year. It also came as the White House and congressional leaders were locked in talks on slashing government spending, necessary to close a yawning deficit but which economists say could further curtail growth if too precipitous. \"Our economy as a whole just isn\'t producing nearly enough jobs for everybody who\'s looking,\" Obama admitted after the jobs figures came out. \"The sooner we have a plan to deal with the deficit, the sooner we give our businesses the certainty they will need in order to make additional investments to grow and hire,\" he said. Expected to power up the economic recovery, the private sector added just 57,000 positions last month -- compared to 241,000 in April. Offsetting that were steep layoffs by federal, state and local governments as they slash payrolls to address budget deficits. Added together, May and June paint a picture of both extremely slow growth in the economy and a reticence by businesses, many of which have been piling up cash reserves, to expand their workforces. US stock markets sank on the data, with the Dow Jones Industrial Average closing down 0.5 percent for the day. Nearly all of the new jobs came from the service sector -- and those predominantly in health care -- despite hopes of a revival in US manufacturing to drive growth. In addition, the figures showed an erosion of incomes, at a time when higher prices have already been hitting consumer spending. \"It was far worse than expected, and weak on all key dimensions -- job creation, unemployment, the length of the workweek, and hourly earnings,\" said Nigel Gault, the chief US economist of IHS Global Insight. \"We can see no silver lining in this employment report, which is weak, weak, weak,\" said RDQ economics. \"We do not believe that the economy will drop back into recession... but this report suggests that underlying growth in the economy is probably only around two percent.\" Obama\'s chief economic advisor Austan Goolsbee labeled the data a \"call to action.\" \"Faster growth is needed to replace the jobs lost in the downturn,\" he said. But Republican leaders blamed Obama\'s economic policies for the malaise. \"Another month and another disappointing jobs report; 29 straight months of 8 percent-plus unemployment,\" said Jeb Hensarling, chairman of the House Republican conference. \"The president always tells us he inherited a bad situation. I concede the point, but he has made it worse. And after two-and-a-half years, it is time for him to take responsibility and to answer the question, \'Where are the jobs?\'\" Republicans competing to win their party\'s nomination to vie with Obama for the presidency next year also took the opportunity to hit out at him. \"Today\'s abysmal jobs report confirms what we all know -- that President Obama has failed to get this economy moving again,\" thundered the field\'s frontrunner, former Massachusetts governor Mitt Romney. \"Today’s unemployment report is another stark reminder of the failure of President Obama\'s economic policies,\" charged Republican Representative Michele Bachmann, who has surged in recent polls. Economists cut their forecasts for GDP growth for the second half of the year, though many still predict an upswing to above a three percent annual rate. \"Businesses and consumers remain uncertain about the future and have responded by cutting both costs and consumption. This is not a recipe for strong economic prosperity and could lead to idle growth for the rest of year,\" said Jeffrey Rosen of Briefing.com.

arabstoday
arabstoday

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*

us unemployment rises on stagnant job creation us unemployment rises on stagnant job creation

 



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*

us unemployment rises on stagnant job creation us unemployment rises on stagnant job creation

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Japanese regulators raid Airbnb

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Saudi, Bahrain target Iran

GMT 00:48 2017 Monday ,20 November

Saudi, Bahrain target Iran
Arab Today, arab today Europe turns on Facebook, Google

GMT 02:26 2017 Monday ,20 November

Europe turns on Facebook, Google
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Mona Abdel Ghany increased artistic activities

GMT 12:15 2017 Friday ,17 November

Mona Abdel Ghany increased artistic activities
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 02:28 2017 Saturday ,18 November

Anti-drug operation nets 4 tonnes

GMT 01:34 2017 Friday ,17 November

Banyan Tree Phuket Takes Festive Season

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
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