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Slow job growth in second quarter reflects pace of overall economy

Friday, July 07, 2006

For the third month in a row, the nation's employers hired fewer workers than analysts expected, providing another month of evidence that the American job machine has downshifted. During the second quarter of the year, payrolls grew by 108,000 per month, well off the previous quarter's monthly rate of 176,000, and the slowest quarter since 2003Q3 (when the economy finally pulled out of the jobless recovery). According to today's report from the Bureau of Labor Statistics, the private sector added only 90,000 jobs last month-86,000 per month over the quarter-a clear sign that the economy is generating less labor demand.
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