“Today’s weak jobs report is devastating news for American workers and American families. This week has seen a cascade of one bad piece of economic news after another. Slowing GDP growth, plunging consumer confidence, an increase in unemployment claims, and now another dismal jobs report all stand as a harsh indictment of the President’s handling of the economy.
"It is now clear to everyone that President Obama’s policies have failed to achieve their goals and that the Obama economy is crushing America’s middle class. The President's re-election slogan may be ‘forward,’ but it seems like we've been moving backward. We can do so much better in America. That's why I'm running for president.” –Mitt Romney
The Nation’s Job Climate “Dimmed” Last Month After Another “Bleak” Unemployment Report:
Last Month, “The Nation’s Jobs Picture Dimmed” With Unemployment Increasing To 8.2%. “The nation's jobs picture dimmed in May as employers added just 69,000 jobs and the unemployment rate ticked up to 8.2 percent, a continuation of a long, slow employment recovery that began 33 months ago.” (Susanna Kim, “May Unemployment Rises To 8.2 Pct.,” ABC News, 6/1/12)
“The Economy Added Only 69,000 Jobs In May, A Result Much Worse Than Expected That Will Heighten Fears The Economy Is Sliding Back.” (Vicki Needham and Ian Swanson, “Bleak Labor Report Finds Economy Added 69,000 Jobs In May,” The Hill, 6/1/12)
“Economists Had Expected 150,000 New Jobs And The Jobless Rate To Stay At 8.1 Percent…” “Economists had expected 150,000 new jobs and the jobless rate to stay at 8.1 percent, according to Bloomberg. Stocks, which had their worst month in two years in May, fell on the news with the Dow Jones industrials set to open down nearly 190 points.” (Susanna Kim, “May Unemployment Rises To 8.2 Pct.,” ABC News, 6/1/12)
The Labor Department Also Revised Down April’s Unemployment Report. “Last month, the Labor Department reported 77,000 jobs were added in April, revised down today from 115,000 for an unemployment rate of 8.1 percent, a drop of one-tenth of a point from the previous month.” (Susanna Kim, “May Unemployment Rises To 8.2 Pct.,” ABC News, 6/1/12)
FLASHBACK: President Obama’s Advisors Predicted The Stimulus Would Lower Unemployment To 6% Today – But It Has Remained Above 8% For 40 Straight Months. (Christina Romer and Jared Bernstein, "The Job Impact Of The American Recovery And Reinvestment Plan," 1/9/09)
The May Employment Picture Was “Uniformly Bad” And Further Evidence The “Labor-Market Recovery Is Stalling”:
The Wall Street Journal’s Steven Russolillo: “This Is Bad. Real Bad.” (Steven Russolillo, “Bad All Around,” The Wall Street Journal, 6/1/12)
The Wall Street Journal’s Kathleen Madigan: “The May Jobs Report Looks Uniformly Bad … A Labor Market In Deep Trouble Through The Spring.” “The May jobs report looks uniformly bad, and with March and April jobs gains both revised lower, the numbers show a labor market in deep trouble through the spring.” (Kathleen Madigan, “Can't Put Lipstick On This Pig,” The Wall Street Journal, 6/1/12)
The Associated Press: “The Dismal Jobs Figures Could Fan Fears That The Economy Is Sputtering.” “U.S. employers created 69,000 jobs in May, the fewest in a year, and the unemployment rate ticked up. The dismal jobs figures could fan fears that the economy is sputtering.” (Christopher Rugaber, “U.S. Employers Added 69,000 Jobs In May As The Unemployment Rate Rose To 8.2 Percent,” The Associated Press, 6/1/12)
Bloomberg, On The Jobs Report: “Further Evidence That The Labor-Market Recovery Is Stalling.” “American employers in may added the smallest number of workers in a year and the unemployment rate unexpectedly increased as job-seekers re-entered the workforce, further evidence that the labor-market recovery is stalling.” (Timothy R. Homan, “Employment In U.S. Increased 69,000 In May,” Bloomberg, 6/1/12)
Economist Mark Zandi: “There's Nowhere To Hide On This One.” (Jordan Fabian, Twitter.com, 6/1/12)
And The Jobs Report Is The Latest Disappointing News After A Weak GDP Report, Sharp Decline In Consumer Confidence, And A Jump In Unemployment Claims:
The Nation’s GDP “Grew At A Slower Pace Than Previous Reported” In The First Quarter Of 2012 – 1.9% – Which Is “Widely Considered To Be Weak” Economic Growth. “The nation's economy grew at a slower pace than previously reported in the first three months of this year, raising new concerns about economic weakness. Gross domestic product, the broadest measure of the nation's economic health, grew at an annual rate of 1.9% in the first quarter, the Commerce Department said Thursday. The rate was lowered from the 2.2% growth rate originally reported in April, and significantly slower than the 3% growth rate in the final three months of last year. The current growth rate is widely considered to be weak.” (Chris Isidore, “U.S. GDP Grows At 1.9% Annual Rate In 1st Quarter,” CNN Money, 5/31/12)
“A Growth Rate Of About 3% Is What Economists Typically Expect Will Lead Employers To Engage In The Kind Of Significant Hiring Needed To Make A Dent In Unemployment.” (Chris Isidore, “U.S. GDP Grows At 1.9% Annual Rate In 1st Quarter,” CNN Money, 5/31/12)
“New Unemployment Claims Jumped Unexpectedly Last Week, Indicating A Pickup In Layoffs…” “New unemployment claims jumped unexpectedly last week, indicating a pickup in layoffs, a worrisome sign ahead of Friday's jobs report for May. Adding to the dreary economic news, the government said in a separate report Thursday that U.S. gross domestic product grew at a slower pace in the first quarter than previously thought.” (Don Lee, “Unemployment Claims Rise, GDP Growth Is Revised Downward,” Los Angeles Times, 6/1/12)
“Americans Confidence In The Economy Fell The Most In Eight Months As Worries About The Weak Jobs, Housing And Stock Markets Continue To Rattle Them.” (“Consumer Confidence In The Economy Plunged In May,” The Associated Press, 5/29/12)
The Consumer Confidence Index Suffered “The Biggest Drop Since October 2011.” “The Conference Board, a private research group, said on Tuesday that its Consumer Confidence Index now stands at 64.9, down from a revised 68.7 in April. The May figure, which represents the biggest drop since October 2011 when the measure fell about 6 points, shows that consumers need more encouraging news before their concerns start to dissipate.” (“Consumer Confidence In The Economy Plunged In May,” The Associated Press, 5/29/12)
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