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U.S. employers created only 69,000 jobs in May, the fewest in a year, and the unemployment rate ticked up.
The dismal jobs data will fan fears that the economy is sputtering. It could also damage President Barack Obama’s re-election prospects. And it could lead the Federal Reserve to take further steps to help the economy.
The Labor Department also said Friday that the economy created far fewer jobs in the previous two months than first thought. It revised those figures down to show 49,000 fewer jobs created. The unemployment rate rose to 8.2 percent from 8.1 percent in April, the first increase in 11 months.
The economy is averaging just 73,000 jobs per month over the past two months – roughly a third of 226,000 jobs created per month in the January-March quarter.
Construction firms cut 28,000 jobs, the steepest drop in two years. Professional services, government, hotels, restaurants and other leisure industries also lost jobs.
Not all industries cut jobs. Manufacturers added 12,000 jobs. Transportation and warehousing created nearly 36,000
Originally posted by BlueStatePatriot
No not government jobs!
Private Sector Jobs Added 28 months in a row!
Are Obama's policies working?
After losing 8 million jobs in Bush's last year
We were losing 700,000 jobs a month when Obama was sworn in.
Here is the link to the BLS numbers www.bls.gov...edit on 1-6-2012 by BlueStatePatriot because: (no reason given)
Originally posted by xuenchen
reply to post by BlueStatePatriot
And we also have 41 Consecutive Months of wild binge spending !!
It's a "Gulp & Gasp" economy !!
Why did Bush & Co. work hard to get to 4.4% unemployment ?
Why would they do that and then blow the whole deal ?
Answer: Maybe He had a gun to his head ?
Remember .... Congress was infiltrated by Ultra Liberals starting in January 2007
Look what happened starting in 2007 !!!!!!
Exactly.. Its convenient to blame Bush but its more truthful to blame the voting public for giving control of congress to the liberals.
it is just getting sad now. In April the number of people not in the labor force rose by a whopping 522,000 from 87,897,000 to 88,419,000. This is the highest on record. The flip side, and the reason why the unemployment dropped to 8.1% is that the labor force participation rate just dipped to a new 30 year low of 64.3%.