The May jobs report was a complete and utter disaster for the economy and, perhaps, President Obama’s chances for reelection.Look how well the nearly trillion dollar Porkulus is working (larger version here):
Employers created just 69,000 jobs last month, the Labor Department said on Friday. That’s the fewest since May of last year. Economists had been expecting nonfarm payrolls to increase by 150,000. Moreover, companies added 49,000 fewer jobs than previously estimated in March and April. Talk about a slowdown. The average monthly gain was 226,000 in first quarter vs. an average of just 73,000 in April and May.
Oh, and the U-3 unemployment rate rose to 8.2% from 8.1%. The broader U-6 gauge, which also measures underemployment, rose to 14.8% from 14.5%. The labor force participation rate did, finally, tick up to a still-low 63.8%, lending credence to the idea that the shrinking workforce reflects discouraged workers and not just demographics.
Friday, June 01, 2012
I guess they couldn't chase enough people out of the work force this month to drop the unemployment rate below 8%. From James Pethokoukis:
Posted by Rick Moore on 6/01/2012