US added only 432,000 jobs last month whereas economists had expected at least 513,000 jobs for that period.

June 08, 2010 (Hamsayeh.Net) - World stock markets experience a new round of crisis after Hungary announced it could undergo its sovereign debt and weaker than expected job data in the US.

The United States job creation program worked out several months ago showed no sign of improvements in the labor market. The government allocated billions of funds to specifically boost jobs in various sectors of the economy, but latest data showed only public sectors jobs were created. US added only 432,000 jobs last month whereas economists had expected at least 513,000 jobs for that period.

This means the Obama administration’s plan to enforce an economic recovery isn’t working after a year and half of injecting TARP funds into US financial system.

Economists complain the US government’s injection of public funds into a corrupt financial system isn’t going to boost the industries and thus no real jobs could be created if the industrial sector remains sluggish. In Europe persistent debt problems continue to hurt euro.

An official at BNP Paribas, Philippe Gijsels says countywide debt problems are resurfacing across the Euro zone. ‘More and more countries are joining the club. There's too much debt, and no credible way of getting rid of it. Sometimes it seems there's a solution, and markets rally, but then you realize there's no solution, and they go back down. He said.