To add to a string of weak monthly jobs reports, the Labor Department released another anorexic jobs growth report stating a mere 80,000 jobs were added in June. While the recovery continues to hold, growth remains sluggish. Unemployment remained at 8.2%.
CNN said today,
Economists surveyed by CNNMoney had expected to see employers add 95,000 jobs and the unemployment rate to remain unchanged.
The labor market has been volatile this year, with job growth starting off strong in the first couple months of 2012. Then a disappointing slowdown in the spring led many to wonder whether the recovery was taking a turn for the worse.
Economists have attributed the strong hiring in the winter to unusually warm weather. Now they say fears about Europe’s debt crisis, China’s slowdown and fiscal cliff looming in the United States are holding employers back.