US Economy at ‘Stall Speed,’ Warns Goldman Sachs As Labor Department Slashes June Jobs Growth by 90%

Description

A Goldman Sachs executive is warning that the US economy is losing momentum after a sharp downward revision in job creation over the past few months. On Friday, the Bureau of Labor Statistics (BLS) revised down the job growth figures for June from 147,000 to 14,000, a 90% drop. Figures for May were also revised down from 144,000 to 19,000, bringing the combined two-month downward revision to 258,000 jobs. In a new CNBC interview, Goldman Sachs chief economist Jan Hatzius says the jobs data sugge...