06 August 2010 21:09 [Source: ICIS news]
WASHINGTON (ICIS)--Recovery in the crucial ?xml:namespace>
The National Association of Manufacturers (NAM) said that the US Department of Labor (DOL) employment report issued earlier on Friday indicates that “the jobs market continues to weaken as does our economic recovery”.
The department reported that the
“But changes in most other manufacturing industries were negligible last month, which shows that the manufacturing recovery is slowing down,” Huether said.
“While manufacturing has added 26,000 jobs per month so far this year, this is still just a small fraction of the 91,000 jobs lost per month during the prior two years,” he added.
“If this pace is maintained,
The 14,000 member companies in the National Association of Manufacturers includes a number of chemical makers, plastics producers and applications firms.
Along with the
“The labour market over the past few months has clearly worsened,” Huether said, “with private sector job growth falling 67% in the May-July period compared with the three months ending in April.”
“This is a worrisome sign that employers’ confidence in the underlying strength of the recovery is tepid,” he said.
Huether said that the continuing high unemployment rate of 9.5% “will likely weigh on consumer confidence and spending in the near term”.
As consumer spending is the principal driving force of the
“Today’s news shows little evidence that the labour market will significantly improve in the next couple of months,” he said.
The American Chemistry Council (ACC) also said that private sector jobs growth last month can at best be termed “tepid”.
“Today’s jobs report was worse than expectations and disappointing,” the council’s economics department said. “The recovery of jobs will take a very long time.”
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