Labor Dept: Slight job growth in June
Friday, July 06, 2012 Professional Services
During the month of June, U.S. employers added a modest number of positions, as the job market struggles to get back on its feet.
The latest report from the Labor Department revealed that just 80,000 jobs were added to payrolls last month, leaving the unemployment rate flat at 8.2 percent nationwide. Though this figure is higher than the 77,000 jobs created last month, it is below the total of 95,000 economists surveyed by CNNMoney had been expecting. According to some experts, part of the reason for slower hiring is due to the fact that companies aren’t sure what to expect from the future and are waiting until the economic picture is more clear.
"It's hard for an employer to hire somebody when you don't know what the tax rates are going to be in six months. There's just too much uncertainty," \John Silvia, Wells Fargo chief economist, told the source.
There have been other signs that the jobs market is struggling. The Kronos Retail Index stood at 4.2 during June, meaning that hiring had slowed with 33,437 people finding employment in the sector.
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