It’s time for some new leadership, this economy is going nowhere:
U.S. employers added a paltry 32,000 workers to payrolls last month, the government said on Friday in a report far weaker than expected that will come as unwelcome news for President George W. Bush ahead of the presidential election.
The Labor Department also cut its tally of job growth for May and June by a combined 61,000.
Wall Street economists polled last week had looked for a payroll gain of 228,000, although a weak employment reading from a service sector survey on Wednesday had some bracing for a weaker number. Still, the lackluster July figure was certain to surprise.
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Job gains also were revised lower for the preceding two months, to 78,000 for June and 208,000 in May, or 61,000 less than originally stated, the Labor Department said in Washington.
“This is a very weak number,” said Gary Pollack, who manages $12 billion at Deutsche Bank in New York. “There’s something ominous about the economy — it’s not creating jobs right now.”
The unemployment rate fell to 5.5 percent, the lowest since October 2001, from 5.6 percent as a separate survey of households showed a gain in employment.
Among blacks, the unemployment rate rose to 10.9 percent from 10.1 percent in June. The jobless rate for Hispanics increased to 6.8 percent from 6.7 percent and for whites fell to 4.8 percent from 5 percent.
For teenagers, unemployment rose to 17.6 percent last month from 16.8 percent. The jobless rate for both women and men fell to 4.9 percent from 5 percent.