From Soft Patch to Skid in Jobs Data

Updated from 10:06 a.m. EDT

The pace of job growth slowed to a crawl in July, suggesting the economic softness in June wasn't as "transitory" as Federal Reserve Chief Alan Greenspan had hoped.

Nonfarm payrolls grew just 32,000 last month, well below the 243,000 estimate. Job growth was also weaker than expected in May and June, as the government revised payroll growth down by a combined 61,000.

Economists described the report as "a major disappointment," "staggeringly sluggish" and "stunningly disappointing." ...