Companies hire at slow pace for third straight month Private employers added just 71,000 workers in July
Lynne Sladky / AP msnbc.com news services updated 1 minute ago
BREAKING NEWS WASHINGTON — Private employers added new workers at a weak pace for the third straight month in July, making it more likely economic growth will slow in the coming months. The Labor Department said Friday that companies added a net total of 71,000 jobs last month, far below the roughly 200,000 needed each month to reduce the unemployment rate. The jobless rate was unchanged at 9.5 percent. Overall, the economy lost a net total of 131,000 jobs last month, but that was mostly because 143,000 temporary census jobs ended. “The good news here is we are not falling off a cliff; we are getting job growth,” Mark Zandi, chief economist at Moody’s Economy.com, told CNBC Friday. “But obviously this is not enough. If we don’t see better job growth later this year and next the recovery is in jeopardy.” The government said that businesses hired fewer workers in June than it had previously estimated. June's private-sector job gains were revised down to 31,000 from 83,000. May was revised up slightly to show 51,000 net new jobs, from 33,000. The "underemployment" rate was the same as in June, at 16.5 percent. That includes those working part time who would prefer full-time work and unemployed workers who've given up on their job hunts.................>>>>....................>>>>..................http://www.msnbc.msn.com/id/38590170/ns/business-eye_on_the_economy/
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