The greatest economic recovery since the destruction of Atlantis is in trouble. Almost all economic signs are showing that high oil prices and inflation are hitting the economy hard. The latest unemployment report shows that only 54,000 jobs were added in May. This is way below what the experts called for. Once again, the term unexpected was used for a bad economic report. You would think by now, the media would stop expecting good news.
U.S. employment rose far less than expected in May to record its weakest reading since September, while the jobless rate rose to 9.1 percent as high energy prices and the effects of Japan’s earthquake bogged down the economy.
Nonfarm payrolls increased 54,000 last month, the Labor Department said on Friday, with private employment rising 83,000, the least amount since June. Government payrolls dropped 29,000.
Economists polled by Reuters had expected payrolls to rise 150,000 and private hiring to increase 175,000 in May. The government revised employment figures for March and April to show 39,000 fewer jobs created than previously estimated.
The job creation slowdown confirmed the economic weakness already flagged by other data from consumer spending to manufacturing. It could stoke fears about the depth and duration of a slowdown that started early in the year.
Read the rest: Paltry New Job Growth of 54,000 Sends Rate to 9.1%
The myth of the Obama Boom is being shattered. There is only so much the media can lie about the economy. The policies of Barack Hussein Obama have failed. Despite these failures, Obama’s approval is in the high 40’s and lower 50’s. He also leads all major Republican candidates for 2012. For whatever reason, Americans love this man despite his failures.
Meanwhile, back in the real world, America’s economic decline enters its 11th year with no end in sight.
Update: The job report would have been negative except for one fact. McDonalds hired 64,000 workers.
The increase was actually a net negative after subtracting the 64,000 positions fast-food giant McDonald’s created in a hiring spree.
This is a sad day in America whne McDonalds is the the major sourcse of job gains.
