Bloomberg (07/01/12) Alex Kowalski
Economists say the jobs tally in June probably crowned the weakest quarter for employment in more than two years, evidence the U.S. recovery has lost momentum. Employers increased payrolls by 90,000 workers last month after a 69,000 gain in May, according to the median forecast of 59 economists surveyed by Bloomberg News ahead of U.S. Department of Labor figures due July 6.
“We really need to see job creation pick up, which is the only thing that’s going to get households spending on a sustained basis,” says Paul Dales, a senior U.S. economist at Capital Economics Ltd. in London. “The economy isn’t going to get exceptionally weak from here, but neither is it going to get much stronger.”