"The job market is soft, as is the overall economy"
- David Resler, chief economic adviser at Nomura Securities International Inc.
The number of Americans who have found a job in June rose to 80,000 from 77,000 in May, said the Labor Department on Friday, significantly below a projected gain of 97,000. The unemployment rate was unchanged at 8.2 per cent.
"The job market is soft, as is the overall economy," said David Resler, chief economic adviser at Nomura Securities International Inc.
"I'd characterize our reaction as much the same way the Fed will react -- not surprised but disappointed. It's just not the kind of growth we need to see at this stage in the business cycle."
"If you are an American employer, with the uncertainty that you have in front of you for the next six months, there is just no reason to go out and do a lot of hiring right now," said Jeff Savage, an investment officer for Wells Fargo Private Bank in the Northwest, located in Portland, Oregon.
© Dukascopy Bank SA