U.S. employers adding jobs -- but it's still not enough
Unemployment across America remains mired at 8.2 percent
While U.S. employers added 80,000 jobs, the unemployment rate remains
stuck at 8.2 percent. The introduction of new jobs wasn't enough to put a
dent for the millions of jobless across the nation. Voters' attitudes
about the economy are beginning to formulate before the election in
November.
The creation of new positions has stumbled since March. Concerns about consumer spending, the debt crisis in Europe and stagnation in Congress have all played a major part in the current economic malaise.
The creation of new positions has stumbled since March. Concerns about consumer spending, the debt crisis in Europe and stagnation in Congress have all played a major part in the current economic malaise.
"There's just not a lot of momentum in the economy," Sam Bullard, an economist at Wells Fargo in Charlotte, North Carolina says.
Mitt Romney, the Republican challenger to President Barack Obama, has set his sights on the weak jobs market that has dogged the current administration.
"The president's policies have not gotten America working again and the president is going to have to stand up and take responsibility for it," Romney said at a news conference in New Hampshire.
In the meantime, President Obama told the crowd at a campaign stop in Poland, Ohio, which while private sector job creation was headed in the right direction, more needed to be done to help the economy grow faster and create more jobs.
"I want to get back to a time when middle class families and those working to get to the middle class have some basic security. That's our goal," he said.
In more disheartening news, the government said the economy created 1,000 fewer jobs during April and May than previously estimated.
The Federal Reserve may be prompted to take new actions to lower borrowing costs to encourage companies to increase hiring. Analysts polled by Reuters expected an increase in payrolls of 90,000 jobs.
The eurozone crisis has led many countries in the European Union to recession which in turn has dulled economic growth around the world from China to Brazil.
Job creation averaged 75,000 per month during the second quarter, compared with an average increase of 226,000 in the first quarter. Milder weather led companies to boost hiring in the winter at spring's expense.
"We're not expecting things to take off in the second half of the year," Sara Klein, an economist at Moody's Analytics in West Chester, Pennsylvania says. "Weather wasn't the only factor."
The United States had been a relative bright spot in the global economy until recently, especially in manufacturing.
Global policymakers are acting like there are tough times ahead. China, the European Central Bank and the Bank of England all eased monetary policy this week, raising speculation they had coordinated their action.
© 2012, Catholic Online. Distributed by NEWS CONSORTIUM.
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Pope Benedict XVI's Prayer Intentions for January 2013
General Intention: The Faith of Christians. That in this Year of Faith Christians may deepen their knowledge of the mystery of Christ and witness joyfully to the gift of faith in him.
Missionary Intention: Middle Eastern Christians. That the Christian communities of the Middle East, often discriminated against, may receive from the Holy Spirit the strength of fidelity and perseverance.
Keywords: Economy, campaign, eurozone fears, job creation
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What concerns me about both Obama and Romney right now is their lack of clarity in regards to what exactly they are gong to do. Given the House's animosity towards Obama, it's unlikely he'll be able to pass anything. The last few attempts have been rejected. Romney's plan as I understand it is more tax cuts and deregulation. Given the failure of that experiement in the past, I am failing to see how it's going to create jobs. A tax cut for businesses or the wealthy does not automatically translate into jobs nor does it create markets. The more robust demand is, the more jobs are needed to service that demand. The more money you put in the pockets of the middle class, the better off we all are. But when you look at wages over the last 30 years for the middle class, they have been pretty stagnant. Income growth for the owners of capital has been growing throught the roof, but for the worker, hardly at all. I really need Romney to discuss how his tax cuts and deregulation are going to kick start the economy. Unless we have amnesia, this didn't work during the Bush years and led to the fiscal cliff we now face. Obama's record stands for itself, but I'm not sure I'm ready to sign on to something which has already been proven not to work. Worked at one time, but our economy is different today. Need to hear more.