August 7th, 2004


More bad news for the Bush recovery.

First, it was job growth with jobs that didn't pay as much as those lost in the past. Now its practically no jobs to speak of.

U.S. employers added a paltry 32,000 workers to payrolls last month, just above recession levels at well short of the number of jobs needed every month to account for population growth. Similarly, the Labor Department also revised its tally of job growth in May and June downward, by a combined 61,000 jobs.

Wall Street economists polled last week had looked for a payroll gain of 228,000, and were reportedly stunned that numbers fell so short of expectations.