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Paltry 6,000 July Jobs Add To Fear Recovery May Be Hitting A Wall June Factory Orders Slide Incomes, spending solid, but consumers may not be able to carry the load.(A)
Byline: JED GRAHAM
The economy created just 6,000 jobs in July as workers put in fewer hours than in any month since October, the Labor Department said Friday.
While the jobless rate held steady at 5.9% and the economy gained jobs for a third straight month, the shorter workweek and a drop in temp staffing raised concern about the jobs outlook.
The weak jobs report points to a tough business climate in July, reinforcing data released Thursday showing tepid growth in the factory sector. The data raise the risk of the economy slipping back into recession, but most economists think slow growth is more likely.
Still, Wall Street, which was expecting 60,000 new jobs in July, sold off. The Dow, S&P 500 and Nasdaq all lost more than 2%. Bonds surged, partly on rate-cut hopes.
"Something happened in June and July that caused businesses to become a lot more cautious," said Richard Dekaser, chief economist at National City Corp.
Along with the tiny gain in July jobs, Labor revised up June's new job tally by 30,000 to 66,000.
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