The Bureau of Labor Statistics for the June jobs report paints a grim picture for the economy, with just 80,000 jobs added and a stagnant unemployment rate of 8.2%.
Kathy Bostjancic, director of macroeconomic analysis for the Conference Board commented on the economic situation:
“This economy has no forward momentum and little help from monetary or fiscal policy. As if that were not enough, ill winds are blowing in from both a contracting Europe and slowing growth in emerging markets. Also, domestic lawmakers’ inaction on the upcoming ‘fiscal cliff’ creates uncertainty that is not conducive to hiring.”
Twitter reacts to the "unchanged" and "stagnant" jobs report:
wapo.st/M8QotJJuly 6, 2012
July 6, 2012
bit.ly/KXXK24July 6, 2012
Wall Street Journal Economics Reporter Sudeep Reddy detailed the findings:
July 6, 2012
And Conservatives are mad...
July 6, 2012
What will fix the economy? AEI reports, it will take 219,000 net new jobs a month for unemployment rate to be below 8% on Election Day if current participation rate holds steady.