Jobless rate goes to to 8.2% - Unexpectedly

"Markets will rise and fall, but this is the United States of America," Obama said. "No matter what some agency may say, we've always been and always will be a triple-A country."

The American jobs engine hit stall speed in May, with the economy adding just 69,000 new jobs while the unemployment rate climbed to 8.2 percent.

As another summertime swoon looms, the Bureau of Labor Statistics reported that job creation missed economist estimates for 158,000 new positions, and said labor force participation remains near 30-year lows though incrementally better than last month.

The unemployment rate that counts discouraged workers rose as well, swelling to 14.8 percent.

In May, stocks suffered through their worst month in two years, and the job-creation figures only added to the gloom.

Stock market futures indicated a sharply lower open for Wall Street, while investors continued to pour into bonds, sending the 10-year Treasury note yield tumbling to near 1.47 percent.

http://www.cnbc.com/id/47643788

Worst job report in a year... (and more revised figures).

US economy added 69K jobs in May, fewest in a year

U.S. employers created 69,000 jobs in May, the fewest in a year, and theunemployment rate ticked up. The dismal jobs figures could fan fears that the economy is sputtering.

The Labor Department also says 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.

http://finance.yahoo.com/news/us-econom ... 25z;_ylv=3

But not to worry... at least one person is doing good.

archer wrote: The FACT is.....I am better off today than I was the day before Obama took office. What about that don't you understand?

I understand it perfectly. You'll vote for Obama no matter what is happening to the rest of the people in this country.

Give Barry a break, he promised to reduce unemployment to 6%. He still has a couple months to make it happen.

More news from CNN...

NEW YORK (CNNMoney) -- Businesses hired far fewer workers than expected in May, throwing into doubt the strength of the economic recovery.
Only 69,000 jobs were added last month, the weakest growth in a year. The unemployment rate rose to 8.2%, as people rejoined the labor force.

Economists surveyed by CNNMoney had expected to see employers add 150,000 jobs and the unemployment rate to remain at 8.1%.
Revisions from previous months also showed the economy gained 49,000 fewer jobs in March and April than originally thought.

But the overall job market still has a long way to go to climb out of the deep hole left by the financial crisis. Of the 8.8 million jobs lost, only about 3.8 million have been added back.

Roughly 12.7 million Americans remain unemployed, and 42.8% of them have been so for six months or more. The number of long-term unemployed rose to 5.4 million, up from 5.1 million.

http://money.cnn.com/2012/06/01/news/ec ... ?hpt=hp_t1

And meanwhile on the Euro-Socialist front... ???

Stock market dropping as well...not looking good.

Anecdotal, but my company is seeing a real softening in sales for this quarter. We were starting to see a nice climb out last year but looks like our customers are holding back on making new capital purchases. Traditionally the economy rises before an election as the President and Congress throw pork around like crazy to get re-elected but looks like it isn't working this year.

CritiKalbILL wrote: Stock market dropping as well...not looking good.

Did ever people hear the voice of God speaking out of the midst of the fire, as thou hast heard, and live...

Problems in the job market were long in the making and will not be solved overnight. The economy lost jobs for 25 straight months beginning in February 2008, and over 8 million jobs were lost as a result of the Great Recession. We are still fighting back from the worst economic crisis since the Great Depression.

There is much more work that remains to be done to repair the damage caused by the financial crisis and deep recession that began at the end of 2007. Just like last year at this time, our economy is facing serious headwinds, including the crisis in Europe and a spike in gas prices that hit American families’ finances over the past months. It is critical that we continue the President’s economic policies that are helping us dig our way out of the deep hole that was caused by the severe recession. [/b][/i]

http://www.whitehouse.gov/blog/2012/06/ ... uation-may

Be of humble heart. Everything will be fine. Our Savior on High has Spoken.

FredHayek wrote: Anecdotal, but my company is seeing a real softening in sales for this quarter. We were starting to see a nice climb out last year but looks like our customers are holding back on making new capital purchases. Traditionally the economy rises before an election as the President and Congress throw pork around like crazy to get re-elected but looks like it isn't working this year.

If I was still an employer, I'd be worried about Obama getting another 4, keeping the HC disaster, and increased taxes in 2013.

Hmmmm...not a word about the congress here....it's all blame Obama. If anything this country needs to vote out the Tea Party obstructionists in congress. Our rate of recovery sure seemed better before they took over the house.

archer wrote: Hmmmm...not a word about the congress here....it's all blame Obama. If anything this country needs to vote out the Tea Party obstructionists in congress. Our rate of recovery sure seemed better before they took over the house.

Oh man- I needed that laugh this morning. Thanks for the humor.

I was posting last month about the economy lookin like it's getting worse, and that some economists were predicting that we may already be back in recession.

But who's NOT in recession....
Most South American countries are showing 5-6.5% growth.
China- 8+% growth (although this is slowing)
India- 8.6% growth
Germany- 6.5% growth
The entire pacific rim 6 to 8.5% growth

We are dead in the water because our government is too big- and it's sucking up all the profit- and then some.

P.S. just checked- the market is tanking bad this morning.
DOW down 216 points.

archer wrote: Hmmmm...not a word about the congress here....it's all blame Obama. If anything this country needs to vote out the Tea Party obstructionists in congress. Our rate of recovery sure seemed better before they took over the house.

And the Democrats had the house in 2006-2010. What did they do then? Really... better? Then why did we have the recession? rofllol rofllol

And Wisconsin has added 23,000 job. Go Walker. :woo hoo: :woo hoo: :woo hoo: :woo hoo: :woo hoo: