Daily Archives: July 8, 2011

Job Growth Weakens Again In June

The number we’ve all been waiting for is a disappointment. Net private-sector job creation was a slim 57,000 in June, below even May’s dismal 73,000 rise, which was revised down from the initially reported 83,000, the Labor Department reports. There had been hope that May was an anomaly, a one-off affair that would quickly return to the stronger levels of job growth witnessed in February, March and April. Yesterday’s modestly encouraging employment report via ADP certainly inspired that optimism. But today’s update is a sobering reminder that the economy will continue to struggle through the summer. Granted, the employment report, grim as it is, isn’t fatal. But it’s a sign that the pace of growth has slowed considerably and, even worse, it suggests that a revival in economic momentum faces stronger headwinds.

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