US Treasury:no impact on jobs from Europe’s issues

WASHINGTON, June 4 (BestGrowthStock) – Europe’s debt crisis is not
shrinking U.S. export opportunities to a degree that poses a
threat to gradually improving American job opportunities, the
Treasury Department’s chief economist said on Friday.

“I think that the problems that have arisen in Europe are
unlikely to derail the improvement we are seeing in our jobs
market,” Assistant Treasury Secretary Alan Krueger said at a
press briefing.

“For example, we saw last month continued expansion of
manufacturing employment, other indicators suggest that
manufacturing is continuing to expand and manufacturing of
primary goods is important for goods exports,” he added.

The Labor Department said on Friday non-farm payrolls rose
by 431,000 in May. but most of it was temporary hiring to
conduct the U.S. census. Private-sector hiring rose only 41,000
in May, down steeply from April’s gain of 218,000.

Finance ministers and central bankers from the Group of 20
rich nations, beginning two days of meetings in Busan, Korea,
on Friday and Saturday had expressed worry that the euro zone’s
financial and banking problems could stall global recovery.

Krueger noted that Treasury Secretary Timothy Geithner, who
is in Korea, has said that actions Europe is taking to backstop
member countries that hit debt problems “should be appropriate
to deal with their problems, and it’s important that they
implement them as quickly and as well as possible.”

He added: “In today’s report, I don’t think we see any
indication of issues from Europe affecting the continued
expansion of the job market in the U.S., and I wouldn’t expect
that we will.”

Krueger acknowledged that growth in private-sector
employment was much weaker than most analysts predicted, but
pointed out it was nonetheless a fifth-straight month of
private-sector job gains.

“Economic recoveries don’t move in straight lines,” he
said, “Although it is clear that the economy is moving in the
right direction.”
Stock Market Money

(Reporting by Glenn Somerville; Editing by Padraic Cassidy)

US Treasury:no impact on jobs from Europe’s issues