Business Services Industry
Labor Department reports declining job growth for fourth straight month.
Knight Ridder/Tribune Business News, August, 2004
By Andrea Ahles, Fort Worth Star-Telegram, Texas Knight Ridder/Tribune Business News
Aug. 7--A slow summer for the nation's economy continued Friday as the Labor Department reported a disappointing gain of 32,000 new jobs in July.
It was the fourth consecutive month of declining growth and well below the 200,000 new jobs economists had projected. The Labor Department also revised the May and June job-growth figures -- downward.
The dismal results sent stocks plummeting and drew competing interpretations from President Bush and his Democratic challenger, John Kerry.
Higher oil prices and weak consumer spending have made companies hesitant to add workers, many economists said.
"Businesses are still being cautious, and...
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