Tuesday, July 12, 2011

Poor jobs data stuns Wall Street, politicians Meager 18,000 increase in June heightens worries over economy

WASHINGTON (MarketWatch) — A disappointing U.S. jobs report has stunned Wall Street and triggered a fresh round of political recriminations as to who and what’s to blame.

The economy added a meager 18,000 jobs in June, stoking worries the U.S. economy is slumping again. See story on June jobs data.

Here is a sample of reaction on Wall Street and in Washington.

• “Today’s report is more evidence that the misguided ‘stimulus’ spending binge, excessive regulations, and an overwhelming national debt continue to hold back private-sector job creation in our country.” — House Speaker John Boehner

• “I think these numbers are a call to action for Washington to stop bickering ... and do the things to get the growth rate higher and create jobs. — Austan Goolsbee, chief economic adviser to President Barack Obama

• “We can see no silver lining in this employment report, which is weak, weak, weak.” — John Ryding, RDQ Economics

• “The details aren’t quite as bad as the headline, with private payrolls up 57,000, but that’s still pretty terrible when compared to the 240,000 average as recently as the three months to April.” — Ian Shepherdson, High Frequency Economics

• “The upshot is that exactly two years after the recovery began, broad labor market conditions haven’t improved at all.” — Paul Ashworth, Capital Economics


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