U.S. job growth weak in July, jobless rate steady

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U.S. job growth weak in July, jobless rate steady BeMi
BeMi:

U.S. job growth weak in July, jobless rate steady

 
02.08.02 14:38
#1
Friday August 2, 8:35 am Eastern Time
Reuters Market News
U.S. job growth weak in July, jobless rate steady

WASHINGTON, Aug 2 (Reuters) - A scant 6,000 new U.S. jobs were created in July, the Labor Department said on Friday in a report likely to fan fears economic growth is at risk of stalling after a weak spring quarter.


July's job total came in far below Wall Street economists' expectations for a 69,000-job rise while the unemployment rate held steady at 5.9 percent, the same as in June. The June jobs gain was revised up to 66,000 from the 36,000 reported a month ago and left an overall impression of lackluster job markets.

The average workweek declined to 34 hours last month from 34.3 in June -- the lowest since a matching number last October following the shock of Sept. 11 attacks. Factory overtime hours fell to an average 4.1 hours in July from 4.3 a month earlier.

The figures imply companies are keeping tight constraints on staffing levels as they monitor whether or not economic growth will pick up after a bare 1.1 percent annual rate of expansion in national economic output during the second quarter.

U.S. job growth weak in July, jobless rate steady BeMi

Personal Income Rise Biggest in 23 Months

 
#2
Friday August 2, 8:40 am Eastern Time
Reuters Business Report

Personal Income Rise Biggest in 23 Months

WASHINGTON (Reuters) - U.S. consumer spending rose solidly in June as income advanced at the fastest pace in nearly two years on the back of big pay gains, helping cash registers ring out the second quarter on an upbeat note, the government said on Friday.


Consumer spending rose 0.5 percent in June after holding steady in May, the Commerce Department said. Spending in May had originally been reported as down 0.1 percent.

Personal income in June increased 0.6 percent, its biggest advance since a matching rise in July 2000. The June income gain followed a 0.4 percent May rise, a tick stronger than originally reported.

Behind the strong rise in income was a 0.6 percent increase in wages and salaries -- the largest income component. It was the strongest pay performance since an identical increase in January 2001.

The report was very close to Wall Street forecasts. Economists polled by Reuters had expected a 0.5 percent gain in personal income, with spending up 0.6 percent.



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