Jobs growth stalls, setting back recovery hopes
(Reuters) – U.S. jobs growth ground to a near halt in June as employers hired the fewest workers in nine months, frustrating hopes the economy would bounce back quickly from a slowdown in the first half of the year.
Nonfarm payrolls rose only 18,000, the Labor Department said on Friday. It was the weakest reading since September and below even the most pessimistic forecast in a Reuters poll of economists.
The dismal report, which showed the unemployment rate climbing to a six-month high of 9.2 percent, stood in stark contrast with recent data on manufacturing and retail sales that had shown activity starting to perk up.
“This report has dashed hopes that the economy was about to accelerate again,” said Nigel Gault, chief U.S. economist at IHS Global Insight in Lexington, Massachusetts. “It is showing a much bleaker picture than other indicators and we must hope that it is overstating the extent of the slowdown.”
Investors, who had positioned for a fairly strong number after a bullish reading on private hiring from payrolls processor ADP, took a dim view of the report and sold U.S. stocks. Global equities retreated from five-week highs and oil prices slumped.
But prices for Treasury debt rallied on views the Federal Reserve would keep overnight interest rates near zero well into next year. The dollar rose against a broad basket of currencies as investors turned risk averse.
Adding to the weak tenor of the report, the department said the economy created 44,000 fewer jobs in April and May than previously thought.
The USA is an important pawn in Dawn Lucifer’s hand, and when it falls, it will affect every nation on this planet by its abrupt demise. The EU will grow strong in support, and it will try to resurrect the USA as one of its union members. In this shift of world power the EU will become the superpower it has longed to attain, but it will only be a mere image of what was the beast. Dawn Lucifer will then be forced to shift his mind and energy to making that image of the beast his central pawn against Father’s side on the war chess board. But first, the USA must suffer Father’s bowls of wrath to bring it to its knees. However, this does not rule out the Cherubic Order’s work elsewhere that’s been going on during this tribulation, but the USA will suffer far more than any other country as it is swiftly brought down from on high by Father.