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| Economy | |
| UNEXPECTEDLY Payrolls In U.S. Rose 80,000 In June | |
| 2012-07-06 | |
| Employers in the U.S. hired fewer workers than forecast in June, showing the labor market is making scant progress toward reducing joblessness. Payrolls rose 80,000 last month after a 77,000 increase in May, Labor Department figures showed today in Washington. Economists projected a 100,000 gain, according to the median estimate in a Bloomberg News survey. The unemployment rate held at 8.2 percent. Private employment, which excludes government agencies, increased 84,000 in June, the weakest in 10 months. Stock-index futures extended losses as the figures indicated hiring has shifted into a lower gear, restricting consumers' ability to boost spending as concern mounts about a global slowdown. Elevated joblessness underscores concern by some Federal Reserve policy makers that the economy isn't expanding enough. "The job market is soft as is the overall the economy," said David Resler, chief economic adviser at Nomura Securities International Inc., who correctly forecast the jobs gain. "I'd characterize our reaction as much the same way the Fed will react -- not surprised but disappointed. It's just not the kind of growth we need to see at this stage in the business cycle." The contract on the Standard & Poor's 500 Index expiring in September fell 0.4 percent to 1,367.58 at 8:53 a.m. in New York. The yield on the benchmark 10-year Treasury note dropped to 1.55 percent from 1.60 percent late yesterday. Economists' Estimates Estimates for total payrolls from the 84 economists surveyed ranged from increases of 35,000 to 165,000 after a previously reported 69,000 gain in May. Revisions to prior reports subtracted a total of 1,000 jobs to payrolls in the prior two months. Private payrolls, which exclude government agencies, climbed after a revised gain of 105,000 that was larger than initially reported. They were projected to advance by 106,000 in June, the survey showed. June concluded the worst quarter for corporate hiring since the first three months of 2010. Last month's change in private payrolls reflected a 2,000 increase in education and health services that was the smallest in almost two years.
Jobless Rate The unemployment rate, derived from a separate survey of households, was forecast to hold at 8.2 percent, according to the Bloomberg survey median. Estimates ranged from 8 percent to 8.3 percent. Joblessness has exceeded 8 percent since February 2009, the longest such stretch since monthly records began in 1948. Factory payrolls increased by 11,000, more than the survey forecast of a 7,000 increase and following a 9,000 increase in the previous month. Employment at service-providers added 67,000 workers after 98,000. Construction companies added 2,000 workers and retailers cut 5,400 jobs. Government payrolls decreased by 4,000. Average hourly earnings rose to $23.50 from $23.44 in the prior month, today's report showed. | |
| Posted by:Beavis |
| #16 Wouldn't have thought that Germany would reach a lower unemployment rate than the U.S. That doesn't include all the unemployed Greek and Spaniards you're supporting with EZone three-card monte bailouts. |
| Posted by: Procopius2k 2012-07-06 22:34 |
| #15 "Frilly," gromky? I see tw in-line as Arial font - larger than the font in the story. Very nice and east to read. |
| Posted by: Barbara 2012-07-06 20:46 |
| #14 I'm concerned the new fonts are too hard to read. Frilly is nice, but with fonts readability is paramount. Frilly fonts should be used for titles and other one-time uses. They're hard on the eyes for extended reading. Readers tend to tune out. Learned this running my magazine for 3 years. |
| Posted by: gromky 2012-07-06 20:19 |
| #13 Wouldn't have thought that Germany would reach a lower unemployment rate than the U.S. Btw in my home city it's 3.9% |
| Posted by: European Conservative 2012-07-06 18:56 |
| #12 Hmm. Is anyone else getting the quite loverly script in TW's inline, or is that just my workstation?  Oh Ptah, you noticed! :-). As part of the latest upgrade, Fred started playing with fonts. I haven't decided yet if I,m to keep it, or maybe get something a little simpler. What do y'all think? |
| Posted by: trailing wife 2012-07-06 18:36 |
| #11 the payroll number is a better number than the labor force participation number they are both estimates but the former is from a larger more robust data base and furthermore is adjusted the next two months a separate issue is that the +80k number isn't even as 'good as it looks' because the average work week declined |
| Posted by: lord garth 2012-07-06 17:19 |
| #10 Need to stop listing unemployment numbers [as they're just rigged beyond redemption] and look at labor force participation [which hasn't been as manipulated - yet]. |
| Posted by: Procopius2k 2012-07-06 15:26 |
| #9 Bryan Preston notes the Obama Regime's consistent message: Thirty Times the Obama Administration Admonished Americans Not to Read Too Much Into a Montly Jobs Report Every month back to November 2009.Every.month. with links to each month's statement |
| Posted by: Frank G 2012-07-06 14:40 |
| #8 CRS (Remember) I'm also trained as a Master Mechanic, as well. I can fix my car, but mostly tell the friendly Garage what's wrong, and they fix it. |
| Posted by: Redneck Jim 2012-07-06 13:40 |
| #7 Ummm, i'm disabled, stroke followed by partial blindness and weak left arm and leg, also got CRS (Can't Remember Shit). And Yes I get disability, it's enough, but I miss working and using my brain to solve problems. Mostly I sit, seems like heaven, but it's NOT. PS, I'm a Machinist. Or was. |
| Posted by: Redneck Jim 2012-07-06 13:34 |
| #6 Hmm. Is anyone else getting the quite loverly script in TW's inline, or is that just my workstation? |
| Posted by: Ptah 2012-07-06 13:18 |
| #5 Coming soon: "Recovery Summer III" (starring Joe "Slow" Biden) |
| Posted by: Frank G 2012-07-06 11:29 |
| #4 Al, I think it might be this Disability Ranks Outpace New Jobs In Obama Recovery |
| Posted by: Beavis 2012-07-06 11:13 |
| #3 Pappy, What is this economic expansion you're talking about? Al |
| Posted by: Frozen Al 2012-07-06 11:09 |
| #2 Needs "disappointment" somewhere in the headline. |
| Posted by: gorb 2012-07-06 10:25 |
| #1 American Enterprise Institute sez the three-year economic expansion might be over. |
| Posted by: Pappy 2012-07-06 10:23 |