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US Economy Preview for June 2011

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US Economy Preview for June 2011

Post by Guest on Sun Jul 03, 2011 10:59 am

Employers in the U.S. probably expanded payrolls at a pace that failed to reduce the unemployment rate in June as companies sought to contain costs amid slower growth, economists said a report may show this week.

Payrolls climbed by 100,000 workers after a 54,000 increase in May that was the smallest in eight months, according to the median forecast of economists surveyed by Bloomberg News ahead of Labor Department data due July 8. The jobless rate held at 9.1 percent. Another report may show growth in services cooled.

A recovery that Federal Reserve Chairman Ben S. Bernanke said is "frustratingly slow" explains why employers such as Lockheed Martin Corp. and Gannett Co. are cutting positions or becoming reluctant to add as many workers. Faster payroll growth is needed to spur consumer spending that accounts for 70 percent of the economy.

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2011/07/02/bloomberg1376-LNNYZQ0UQVI901-7OJ3EI9DTQLL1LV1BN562LK2PL.DTL#ixzz1R3COFslK

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