June Jobs Growth Anemic
The nation added only 80,000 jobs in June, according to the Labor Department, as the unemployment rate remained at 8.2%. Economists had expected 100,000, but even that would have been tepid. The economy has to grow by more than 100,000 jobs a month just to absorb the natural increase in the labor force. According to MarketWatch, the economy would have to add 250,000 jobs a month for several years for unemployment to get back down to 6%. June's weak numbers are consistent with other data showing a slowdown from an already-weak global economy. The U.S. stock market reacted negatively to the poor June jobs number, but that could change. Since early 2009, the market has moved inversely with the economy. Bad economic news tends to move stocks up, because Wall Street expects central banks to lower interest rates and use other means to dump money into economies.
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