03 Sep '11, 6am

Americans worry about economy after job report

WASHINGTON: New worries about the economy gripped Americans Saturday after a government report showed no job growth last month amid sagging consumer confidence. Economists raised new concerns about recession after the Labour Department said that private sector employment, previously the main engine for job growth as revenue-strapped governments shed workers, "changed little" in most major industries last month. A meagre 17,000 private-sector jobs were added, down from a revised 156,000 in July. But that was offset by 17,000 jobs shed by the government. "The job machine has ground to a halt," said Joel Naroff at Naroff Economic Advisors. The report "clearly raises the spectre that the US has already entered or is at least close to enter another recession," said Harm Bandholz at UniCredit. It was the first time in 10 months the world's largest economy has not produced net gr...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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