Weak hiring predicted for June
A day after the stock market dropped precipitously on news of weak hiring in May, a group released data Thursday that hiring would slow in June.
The rate of new jobs added will be less in June 2011 than it was at the same time last year, said the Society for Human Resource Management, which polled private-sector human-resources managers at manufacturing and service firms.
Though job creation will grow slightly in manufacturing in June, it will fall in the service sector, according to the survey. In addition, human-resource professionals are finding it more difficult to fill positions with qualified candidates, according to the survey.
The market wavered Thursday after the government said that first-time claims for unemployment benefits dipped from the previous week, and retailers reported mixed sales results.
Economists still maintain that the market's volatility does not necessarily mean that we're in for an economic slowdown.
"It looks like we’re having a growth scare, where the markets are worried about the outlook for growth for the second half of the year" said David Shulman, senior economist at the UCLA Anderson Forecast. "It's a legitimate worry, but it's still too early to tell."
-- Alana Semuels