The latest U.S. Labor Department report has revealed that America’s economy continues to grapple with economic complications despite previous predictions.
Unemployment rates throughout the nation climbed a tenth of a point last month, while employers only managed to add 69,000 jobs, though experts projected more than double that. Payroll has also fallen, with 49,000 jobs eliminated.
Sung Won Sohn, a Californian economist, believes the U.S. is struggling as a result of the situation in both Europe and China. “External forces are hurting the American job picture,” he said.
As a result, the stock market has plunged to its lowest trading day this year, with the Dow Jones average falling 274.88 points- removing all gains since the start of 2012.
“I’d like to believe we’re on the road to recovery,” said Steve Galster of Fair Oaks. “You know there’s going to be some bumps, but every bump scares you.”
The economic circumstance is likely to slow California’s recent growth, which relies heavily on the export market.
“We’re really seeing a flattening out of the export trade from California,” said Jock O’Connell of Beacon Economics consulting. “That’s not buoyant news for the employment numbers.”
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