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US Economy Generates Fewer Jobs Than Expected The US economy created less than half the number of jobs expected by financial markets in June, reducing the chances of a half-point rise in interest rates next month. Just 112,000 net jobs were generated over the month, compared with expectations of 250,000. The figure was a disappointment after the fastest three months of job creation since 2000 between March and May. There was also a downward revision to job growth in May from 248,000 to 235,000. The figures add to evidence that the pace of growth in the US economy may be moderating. "There are convincing signs that the US economy is coming off the boil," said Alan Ruskin, director of research at 4Cast, the economic consultancy. "The worry for the Fed is that there is no indication yet that inflation is slowing." The White House sought to make the best of the mixed job figures, with President George W. Bush saying that "we're witnessing steady growth". "We don't need boom-or-bust type growth. We want just steady, consistent growth so that our fellow citizens will be able to find a job and so that the small business sector will feel confident about expanding," he said on Friday. On Thursday the Federal Reserve raised interest rates by a quarter point from a 46-year low of 1 per cent - the first tightening of monetary policy in four years. "It now seems that the Fed may not need to do as much tightening as expected," said Gerrard MacDonell, a bond strategist at JP Morgan Fleming Asset Management. "The economy remains robust, but may not be quite as strong as people had thought." Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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