Devastating Unemployment and Jobs Report For O'bama Released Today...

[Selene]

What a disgrace!

        U.S. Added 69,000 Jobs in May; Jobless Rate at 8.2%

Victor J. Blue/Bloomberg News

A job seeker spoke to a recruiter at a job fair in Manhattan in May.

                    By SHAILA DEWAN

 

The United States economy gained a net 69,000 jobs in May, the Labor Department said Friday, a dismal showing that reflected mounting fears of a global slowdown. The unemployment rate rose to 8.2 percent from 8.1 percent in April.

 

                     

Jobs

Private

Rate

Change in jobs,
in thousands

Source: Bureau of Labor Statistics

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                    Kevork Djansezian/Getty Images

Job applicants at a career fair in Los Angeles on Thursday.

 

It was the third mediocre performance by the job market in three months, after a period of solid growth over the winter that raised hopes that the recovery was gaining momentum.

 

Global financial markets, already weak in early trading Friday, sank further on the numbers. Futures in the Dow Jones industrial average, a gauge to how Wall Street will open, dropped more than 200 points, and the main index of the German stock market fell 3.7 percent.

 

At the same time, yields on United States and German government bonds also slumped more as traders sought safer invesments. The 10-year Treasury yield fell to another record, 1.46 percent, and the German tw0-year bond ell below zero.

 

The jobs number, which was less than half of what analysts had expected, was sure to provide campaign fodder for Republicans who have criticized President Obama’s economic policies.

 

April’s gain in jobs, estimated in last month’s report at 115,000, was revised down to an increase of 77,000.

 

“In February or March, I thought the labor market had achieved escape velocity,” said Patrick J. O’Keefe, the director of economic research at J. H. Cohn, a consulting firm. “It appears to me now that that was a premature call.”

 

The country’s economy seems to be weaker than it first appeared this year. Consumer confidence, as measured by one of two major surveys, has fallen, and there are some indications that orders for new manufactured goods have slowed significantly. New claims for unemployment benefits have ticked up. On Thursday, the estimate for overall growth in the first three months of 2012 was revised downward, to a 1.9 percent annual rate from 2.2 percent.

 

On the other hand, there have been bright spots, like the auto industry, where sales have been booming.

 

With the latest slowdown, the economy is following a pattern it has established over the past couple of years, of strong winter growth and then a spring or summer slump. “This is definitely a movie we’ve seen before,” Mr. O’Keefe said.

 

This year’s slump so far does not appear to be as sharp as last year’s, when the number of jobs created in August was reported at zero (it was later revised to a still-meager 85,000).

 

Ellen Zentner, the senior United States economist for Nomura, the financial services firm, credited much of the slowdown to increased anxiety about Europe’s troubles, not to mention waning growth in China and, to a lesser extent, India.

“Manufacturers are very concerned about Europe because a blowup in Europe means a global slowdown,” she said. “It hasn’t translated into layoffs — businesses are just hiring less.”

 

But Ms. Zentner added that the recovery’s roller-coaster trajectory may be largely illusory, the product of seasonal adjustment distortions and, this year, the unusually warm winter. While many economists say the weather impact, which caused some growth to occur earlier in the year than it otherwise would have, should be over by now, Ms. Zentner said her research showed that historically, May is the month that is most dampened after a warm winter. Seasonal adjustments were also making the winter look better than it was and the spring look worse.

 

“What the seasonal bias has done is it’s made the recovery look like a stop-start recovery,” Ms. Zentner said. “Instead, the pace of the recovery has been very steady — very moderate, and disappointing, but steady.”

 

Those who have been out of work for longer than half a year have the hardest time finding jobs, and many of them say they have not seen any improvement in the job market.

 

“Nobody has lists and lists of hundreds of available jobs,” said Glen Barry of Carmel, N.Y., who worked for the government at the county level for 25 years as a computer operator and was laid off in December 2010. “A lot of people work a job and a half now. Instead of having four people doing the work, they have two people doing the work.”

 

http://www.nytimes.com/2012/06/02/business/economy/us-added-69000-jobs-in-may-jobless-rate-at-8-2.html?_r=1&hp

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And you thought Jimmy Carter was the worst President ever?  Can't hold a candle to this incompetent Peter Principle President!

 

Hey!  Mr. Incompetent, who you going to blame now? 

 

Adam

 

[jts]

Everything is proceeding according to plan.

[Selene]

Everything is proceeding according to plan.

Jerry:

Is that a sarcastic answer, or, do we agree that this despicable marxist is proceeding according to their plan.

Adam

[jts]

Everything is proceeding according to plan.

Jerry:

Is that a sarcastic answer, or, do we agree that this despicable marxist is proceeding according to their plan.

Adam

It is simply the truth. America (and the world) is being destroyed by design. What? You don't know?

2 hours

http://www.youtube.com/watch?v=0THoo8WiQlA

[Selene]

A simple answer would have been sufficient Jerry.

Thanks.

[Selene]

The Peter Principle President explained today that:

as they talked about deficit reduction, "we couldn't' get them to take yes for an answer."

"I believe that If we're successful in this election, when we're successful in this election, that the fever may break, because there's a tradition in the Republican Party of more common sense than that. My hope, my expectation, is that after the election, now that it turns out that the goal of beating Obama doesn't make much sense because I'm not running again, that we can start getting some cooperation again."

"I believe that If we're successful in this election, when we're successful in this election, that the fever may break, because there's a tradition in the Republican Party of more common sense than that. My hope, my expectation, is that after the election, now that it turns out that the goal of beating Obama doesn't make much sense because I'm not running again, that we can start getting some cooperation again."

Obama said he expects that after his reelection, Congress will pass a balanced deficit reduction plan, a highway bill, immigration reform.

"My expectation is that if we can break this fever, that we can invest in clean energy and energy efficiency because that's not a partisan issue."

This man is an imbecile.