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 WASHINGTON (AP) - Jobseekers had a harder time finding work last month as the economy cooled and wary employers added the fewest positions in two and a half years. The jobless rate edged up to 4.5 percent.
The fresh employment picture provided by the Labor Department on Friday showed that payrolls grew by just 88,000 as job losses spread beyond the struggling manufacturing and construction sectors and into retailing and financial services. Workers' paychecks also grew more slowly.
Given the housing slump, rising energy prices and sluggish overall economic activity, "businesses are a bit more cautious and reluctant to hire as aggressively as they had," said Mark Zandi, chief economist at Moody's Economy.com. "Businesses were voraciously hiring people a year ago and now they've got a bit of indigestion."
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