More bad news for the Economy
Although economists were expecting approximately 235,000 new net jobs in July, only 32,000 were created according to preliminary estimates released this morning. The numbers from May and June have also been revised downwards.
"This is the second month in a row that we have had a number much weaker than expected and they have revised down the trend. That is a really bad sign," said Robert Brusca, chief economist at FAO Economics.
Brusca dismissed suggestions that the weakness was due to higher oil prices.
"This is much broader than oil. There is a global slowdown going on," he said, pointing to OECD leading indicators released earlier Friday showed weakness across global industrialized economies.