Friday, July 6, 2012

Dismal hiring shows economy stuck in low gear


U.S. employers hired at a dismal pace in June, raising pressure on the Federal Reserve to do more to boost the economy and dealing another setback to President Barack Obama's reelection bid.
The Labor Department said on Friday that non-farm payrolls grew by just 80,000 jobs in June, the third straight month below 100,000.
Job creation was too weak to bring down the country's 8.2 percent jobless rate and the report fueled concerns that Europe's debt crisis was shifting the U.S. economy into low gear.
"We're just crawling forward here," said Nigel Gault, an economist at IHS Global Insight in Lexington, Massachusetts.
While Obama holds a narrow lead in most national polls, many voters are critical of his handling of the economy. Speaking at a campaign rally in Ohio, Obama said the pace of job creation needs to pick up.
"It's still tough out there," he said.
Mitt Romney, Obama's Republican challenger, assailed the president for not doing enough to get people back to work.
"This kick in the gut has got to end," Romney told reporters in New Hampshire.

Read more: http://www.reuters.com/article/2012/07/06/us-usa-economy-idUSBRE86504K20120706

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