Job market not growing fast enough for big rebound
Posted by aangsunu on 3 July 2010
Source : Associated Press
WASHINGTON (AP) — A second straight month of lackluster hiring by American businesses is sapping strength from the economic rebound.
The jobless rate fell to 9.5 percent in June, still far too high to signal a healthy economy. It came in slightly lower than the month before only because more than a half-million people gave up looking for work and were no longer counted as unemployed.
The private sector added just 83,000 jobs for the month. Looked at from that angle or almost any other, from a teetering housing market to falling factory orders, the recovery is limping along as it enters the year’s second half. And that is when the benefits of most of the government’s stimulus spending will begin to wear off.
The fate of the economy will hinge on whether it can stand on its own. President Barack Obama acknowledged the slow pace of the recovery and used the new jobs figures to argue for more stimulus spending and extended unemployment benefits.
“We’re not headed there fast enough for a lot of Americans,” the president said. “We’re not headed there fast enough for me, either.”