05 August 2011 14:43 [Source: ICIS news]
WASHINGTON (ICIS)--The ?xml:namespace>
Analysts had been expecting job growth of around 90,000-100,000 for the month.
July’s employment figures followed two disappointing months of almost no job growth in May and June.
The decline in the unemployment rate from June’s 9.2% to July’s 9.1% also brought an end to what had been three successive months of incremental but worrisome increases in the jobless rate.
The employment report comes in the wake of Thursday’s massive sell-off on Wall Street, with the Dow Jones Industrial Average falling by more than 500 points, and similarly sharp stock market downturns in Asia and
Economists and Wall Street analysts say that the sudden plummet in stock values reflects investor fears about the worsening sovereign debt crisis in Europe, cooling economies among developing countries, and the increasing prospect for a new recession in the
Against a total
The nation needs to add about 150,000 new jobs each month just to accommodate new workers entering the market.To begin lowering the unemployment rate, the economy should be adding 200,000 to 300,000 new jobs each month.
($1 = €0.71)
Paul Hodges studies key influencers shaping the chemical industry in Chemicals and the Economy
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