05 Jun '11, 9am

Weak US jobs data sets challenge for White House: WASHINGTON - President Barack Obama faced a new challenge to h...

Weak US jobs data sets challenge for White House: WASHINGTON - President Barack Obama faced a new challenge to h...

WASHINGTON - President Barack Obama faced a new challenge to his economic agenda after dismal statistics on job creation and an uptick in the unemployment rate sent US stocks plunging. The economy added a paltry 54,000 new jobs last month, one quarter of the February-April pace, while the unemployment rate edged up to 9.1 percent, figures from the Labor Department showed Friday. While the White House and economists cautioned that the poor data were likely a monthly blip, they fueled allegations that Obama's economic policies are failing, 18 months ahead of the next presidential election. With employment figures for the previous two months revised downward, the report confirmed that economic growth has been stagnant since the beginning of 2011, despite government efforts to power up a job-creating recovery. The private sector, expected to drive the economy as state and loca...

Full article: http://www.asiaone.com/Business/News/Story/A1Story2011060...

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