America's economy is moving in the right direction. Don't let anyone tell you otherwise.
Dick Cheney - 25 Jun 2004
Job growth shock
July payroll growth far shy of Wall Street forecasts; unemployment rate slips to 5.5%.
August 6, 2004: 8:51 AM EDT
NEW YORK (CNN/Money) - Hiring by U.S. employers slowed significantly in July, according to a government report Friday, as the number of new jobs added to payrolls came in far below Wall Street expectations.
The Labor Department report showed only 32,000 new net jobs added to payrolls during the month, down from a revised 78,000 jobs that were added in June. The increase was the smallest since December.
The unemployment rate fell to 5.5 percent, an improvement from the 5.6 percent reading in June.
Economists surveyed by Briefing.com forecast a 243,000 gain in jobs, and the unemployment rate staying unchanged at 5.6 percent, while economists surveyed by Reuters had a median jobs growth forecast of 228,000, with a range of estimates between 200,000 and 300,000.
This is the second straight month of jobs growth far below economists' forecasts, following three months that showed strong jobs growth starting in March.
U.S. stock futures, which had been slightly higher just before the report, tumbled on new concerns about the state of the U.S. economic recovery. ...
money.cnn.com |
