Dismal May Jobs Numbers: Unemployment Hits 8.2%; Only 69,000 New Jobs
- Posted on June 1, 2012 at 8:47am by
Jonathon M. Seidl
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Even the liberal Huffington Post is decrying the new numbers.
WASHINGTON (AP) — The U.S. economy suddenly looks a lot weaker.
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.
Dow Jones industrial average futures, which were already down 100 points before the report, fell an additional 100 points within minutes of its release.
The yield on the benchmark on the 10-year Treasury note plunged to 1.46 percent, the lowest on record, suggesting investors are flocking to the safety of U.S. government bonds.
The price of gold, which was trading at about $1,550 an ounce before the report, shot up $30. For much of the past three years, investors have seen gold as a safe place to put their money during turbulent economic times.
Josh Feinman, global chief economist with DB Advisors, said the report raises the likelihood that the Federal Reserve will do more – perhaps start another round of bond purchases to further lower long-term interest rates.
Still, he noted that the rate on 10-year Treasury notes is already at a record low 1.46 percent.
“How much lower can long-term rates go?” Feinman said.
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.
Mitt Romney, Obama’s Republican challenger, has made the economy the central theme of his campaign. No president since the Great Depression has sought re-election with unemployment as high as 8.2 percent, and past incumbents have lost when the unemployment rate was on the rise.
Republicans wasted little time seizing on the bleak report.
“Today‘s extremely troubling jobs report proves yet again that President Obama’s policies simply are not working and that he has failed to live up to the promise of his presidency,” said Republican National Committee Chairman Reince Priebus.
There are signs business confidence is waning. Companies have cut their spending on computers and machinery for two straight months, goods that signal investment plans. And some regional surveys suggest the factory activity is expanding at a slower pace.
Consumers are also more downbeat about the economy, according to a May survey from the Conference Board. That could lead more Americans to cut back on spending, which drives 70 percent of economic growth.
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. Education and health care added
Businesses are facing a growing threat from Europe’s financial crisis, which has worsened in recent weeks. The crisis is driving up borrowing costs for Spain and Italy and spreading to the banking system. Greece could be forced to exit the euro, which could push the region into a sharp recession. That could limit U.S. growth.
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Comments (82)
lketchum
Posted on June 1, 2012 at 10:44am20. Move the UN to Iceland, after the United States removes itself from that body.
Report Post »21. Focus on our friends: The United Kingdom, and Israel. Guarantee their political, physical and economic freedom. Reward enterprises that build on these special relationships. If Canada comes around, after we have pulled back all the manufacturing we gave her (The Camaro needs to be built in Detroit, not Canada), we can consider trade with her again. Any Canadian soldier that wishes to join U.S. Armed Forces may do so, and we’ll credit him/her with the time they have already served and we’ll pay to move them. Sell no more spare parts to Canada for five years.
22. Put Argentina on notice, that if she moves on the Falklands, we’ll park five carrier groups around them and we will unleash hell on her main land in defense of our closest friend.
23. Publically thank the people of the U.K. for standing at our side in the war on terror and ask if she will consider sending the bust of Winston Churchill back to us.
24. Put real teeth behind honoring and caring for our Veterans. Retrain and heal them until it sticks, and buy houses for all combat Vets and retirees. They earned it!
25. Cleans our government and all its components of Marxists of any stripe. They are the mortal enemies of life and liberty.
AvengerK
Posted on June 1, 2012 at 10:58amPAGING DESERTROSE, JZS, ENCINOM…clean up in aisle 7….bad Obama story needs scrubbing and santizing….bring your “blame Bush” with you….
Report Post »Apple Bite
Posted on June 1, 2012 at 11:18am…And I can honestly see ENCINOM dragging a big bucket of Rhetoric to help freshen this article up.
Report Post »MONICNE
Posted on June 1, 2012 at 11:23amThis trend is bad news, no excuses. Too Many Real Americans are suffering. Shame on those who celebrate in this bad news instead of setting about to fix it!
One thing we might look at is decreasing immigrant welfare. As long as we have parasites to support, the economy will be sluggish. It takes contributing members of society to create jobs, not out of work sycophants who are not even Green Card eligible. Like a cockie‘s pail o’ FauxVengers, eh? -K?
I predict the sun will rise, tomorrow, and I take full credit for that!
Just Sayin!
Report Post »Unix
Posted on June 1, 2012 at 11:38amAll the numbers are cooked and consistently REVISED downward two months later, where did they get these accountants, from the zoo? Oblahblah is a FAILURE, and a Marxist – VOTE him and his Progressive failures OUT in November! Don’t sit on the sidelines, cause you got your nose out of joint, JUST DO IT!!!!!
Report Post »Walkabout
Posted on June 1, 2012 at 5:03pmMONICNE
My father told me a story about a certain repair garage owner in his hometown. When they passed the 1st welfare program for women & children he moved out of the house. He lived right next door & came “home” every night.
Ya ‘all can fill in the rest.
TEA!
Report Post »Walkabout
Posted on June 1, 2012 at 5:20pmlketchum
20. Move the UN to Iceland, after the United States removes itself from that body.
I really like Bermuda or Saint Helena as the HQ for the UN.
-It would be harder to physically spy on the U.S.
Report Post »-UN diplomats could not break traffic laws or other laws & harm U.S. citizens.
- the Islands are small enough that they would get their “work” (or mischief depending on point of view) done & then go home. It wouldn’t be so luxurious where the could go to Broadway or any other civilized convenience.
Walkabout
Posted on June 1, 2012 at 5:29pmUnix
All the numbers are cooked
When the error of the forecast is greater than the forecast itself, you must question the methodology.
Report Post »Obama can’t use the economy. If he is lucky the passes in Afghanistan will be blocked by the onset of cold weather & there won’t be many casualties in October or early November. But really that would be praying for no bad news than being an effective actor on the world stage.
smv803
Posted on June 1, 2012 at 7:25pmI love it!!
Report Post »jerimiah41
Posted on June 2, 2012 at 8:15amDo you know how Obama is going to solve the unemployment figures. He is going to hire a bunch load to the college students on to a summer job as a activist for school credits in the summer and they will have to protest with occupoopers. He will then count them in the employment numbers over the summer. Do not put this past them. He will also disguise them as Acorn types to register voters and get people out to early voting which has the biggest opportunities at fraud. I still believe he won the swing states with stuffing the ballot boxes. Look at his margin of win in those states vs others. He can only win by lies, cheating and deception. Then if he loses by close margins after stuffing he will claim voter fraud and start riots in streets, and whatever. Either way he would consider it a win.
Report Post »dwf1
Posted on June 1, 2012 at 10:44am“And it could lead the Federal Reserve to take further steps to help the economy.”
Here lies one of the big problems.
Report Post »afishfarted
Posted on June 1, 2012 at 10:54amyeah, ain’t that a pardox. It’s the feds that have played THE major role in our economic plight, and they think they can fix it ??? All they can fix is increasing thier own coffers.
Report Post »101stIraqVet
Posted on June 1, 2012 at 10:33amIt’s a set up. The Obama administration will have the unemployment numbers hover in the low 8s until a month or two before the election. The last release of the numbers before the election will be below 8%, because he knows Democrat voters have short term memory loss. He’s been destroying the country for over three years now, but if those unemployment numbers are below 8% close to the election, the Democrats will eat that **** up.
Report Post »rodeogolf
Posted on June 1, 2012 at 1:33pmI see you’ve got your government conspiracy hat on…
Report Post »Walkabout
Posted on June 1, 2012 at 5:32pmrodeogolf
The government has been massaging the numbers so far.
Report Post »lketchum
Posted on June 1, 2012 at 10:32am6. Encourage faith in schools. Provide time and education to faith based activities at school, for any/all faiths, including not having a faith.
Report Post »7. Celebrate America as never before.
8. Bring capital gains taxes to zero.
9. Lower personal income taxes to a flat tax of 12% applied to all citizens making more than 25,000.00 a year. Families earning less receive unearned income credits of not less than and not more than 5,000.00 / year tax free.
10. End food stamp programs
11. Close the NEA, Dept. Of Energy, Commerce, EPA, FDA, and the BATFE. Move these functions back into the states.
12. Shutter both the Fed and the IRS. Break up the top three biggest banks.
13. Bring all U.S. Armed Forces home, but double the size of our Navy and Air Force. Militarize space to some degree, and ensure all nations understand that if they harm a single U.S. interest, there will be no mercy. None. Zero. Period.
14. Advise the people that “THEY” are the solution to their problems and tell them to get back to work.
15. Screw Canada and be open about it. Her people hate us and mock us. Shred the Treaty of Ghent.
16. Bring back tough physical education in the schools. Set and insist on standards.
17. Reward excellence in all pursuits and do not insulate people from failure.
18. Lock down and defend our borders – zero exceptions.
19. Get the federal government out our states and lives. The fed should have no opinion about gay rights, or abortion, or education. All of that goes back to th
lketchum
Posted on June 1, 2012 at 10:19amThere is an answer and you’re not going to like it, but here it is:
Unite the country by uniting the Congress – the peoples voice.
How?
The truth is as simple as it is obvious. Spending (you’re going to hate this), will have to brought to and sustained at 160% of GDP in order to save the Republic. This is significantly higher than was spending in WWII and for longer.
Bitter pill, I know, but replacing consumer spending with govt. spending is the only thing that will work; we have to create sufficient demand here, in order to lift demand in Europe and Asia.
This kind of spending has to be well coordinated with the EU and Asia.
Now, here’s where it will be quite different. Rather than hand one party a blank check, what we spend on has to be centered on the following:
1. Practical Literacy based upon preserving elected school boards, and enforcing an academics based plan underwriting all schooling. (Rather than the grade-less Soviet plan being implemented now)
Report Post »2. Invest in 100% energy independence by developing EVERY form of energy. Oil, Natural Gas, Hydrogen, Thermal Electric, Hydrolic, RESIDENTIAL SOLAR, RESIDENTIAL wind.
3. Suspend payroll taxes that businesses pay for each employee for all three years of the programmed recovery.
4. Decentralize everything across the entire economy and develop locally. Encourage and promote small business.
5. Devise plans to colonize space, the Moon and Mars – God never intended for man to be constrained by one Earth, or
BlackCrow
Posted on June 1, 2012 at 10:07amThis country lost 129,000 millionaires in 2011 and the net worth of those over 100 million has declined by 5 %
http://www.cnbc.com/id/47631154
So now the rich are getting poorer? The last time that happened was during the Great Depression and it is going to get a LOT worse before it can possibly get better. With the world economy built on script backed by debt and Europe within days of economic implosion it is going to get bad fast.
Report Post »rodeogolf
Posted on June 1, 2012 at 12:49pmInvest in stocks…die in stocks…just look at the path of the stock market
Report Post »lisa2994
Posted on June 1, 2012 at 10:00amIf they added the people that have stopped looking and are not on the unemployment program anymore it would be much, much higher!
Report Post »blograju
Posted on June 1, 2012 at 9:51amUnemployment is higher than 8.2%.
Report Post »Steve28
Posted on June 1, 2012 at 9:34amFunny how when Bush was in office every month we were under 250,000 new jobs they blasted him because that is what you need just to stay even they said. Now they make excuses or are thrill with anything positive. Amazing how they distort things to make it fit their agenda. Also, remember the daily body counts? They stopped when Obama got in office also. Again, anything to make him look good. Can you remember a day when Obama is not shown on TV numerous times? Do you remember Bush having daily coverage? Do you remember Bush campaigning non stop during his years in office?
Report Post »PRESENTSOFMIND
Posted on June 1, 2012 at 12:11pmWell, Bush was at the White House yesterday, so no wonder the jobs report was so bad today, it Bush’s fault!!!!
Report Post »rodeogolf
Posted on June 1, 2012 at 1:34pmyep…it’s true…your memory is shot…
Report Post »Listen_then_think
Posted on June 1, 2012 at 9:32amAny person with a thinking brain knows the unemployment numbers are really almost double that.
Report Post »CommonerSense
Posted on June 1, 2012 at 9:31amWell of course….Bush was at the White House Yesterday! It’s his fault!!!
Report Post »ColoradoMaverick
Posted on June 1, 2012 at 9:25amYeah, and that’s after Obama and his cronies doctored the numbers. The REAL unemployment is much, much higher and underemployment is at record levels, but Obama’s state controlled propaganda machine (aka liberal media) fails to report on that little factoid.
Report Post »rodeogolf
Posted on June 1, 2012 at 1:31pmtoo funny…“doctored” unemployment numbers…yeah…that’s been a talking point since the 80s…nothing new here…
Report Post »barber2
Posted on June 1, 2012 at 9:24amOuch. Time for another Obama/ Axelrod distraction ! Wonder who/ what they’ll target this time ? They haven’t thrashed the SCOTUS lately..
Report Post »TRONINTHEMORNING
Posted on June 1, 2012 at 9:23amI’ll be doggone, Mr. prez. Better tweak those ads and those speeches. But what will you say now? Maybe let Joe say it; he’s been off for a week. I‘m sure he’s got some great gaffes ready in the cue.
The misery index continues….
Report Post »barber2
Posted on June 1, 2012 at 9:30amThink the Obama Media Machine has muzzled old Joe for the remainder of the campaign…darn…
Report Post »Nevermind
Posted on June 1, 2012 at 9:20amBut i thought that the GOP winning the house would impove the economy? Didnt Boehner say they are all about ” Jobs, Jobs, Jobs” so where are they Mr. Speaker? I thought tax cuts for the “job creators” would stimulate the economy and create jobs? Been heearing that BS lie since 2001 and we still dont have the jobs. But sure , lets blame Obama.
Report Post »barber2
Posted on June 1, 2012 at 9:26amNEVER: pssst. Little secret : the Democrats control the White House and the Senate. ( Guess you hadn’t heard )
Report Post »bleuze
Posted on June 1, 2012 at 10:18amMaybe you can tell the Senate to start passing the bills that are piling up from the passage in the House!
Report Post »osgeek
Posted on June 1, 2012 at 11:12amWhen oblamer and senate marxists refuse to compromise then this is what happens.
Report Post »Outlaw_Josey_Wales
Posted on June 1, 2012 at 9:11amObama breaks the glass and push the panic button.
Report Post »SecularConservative
Posted on June 1, 2012 at 9:09amSimple evolutionary biology, Mr. Watson… too many people and not enough resources/jobs… We need to get used to this 8.2% (more like 15%) or higher unemployment rates unless something DRASTIC happens around the globe.
Report Post »MONICNE
Posted on June 1, 2012 at 9:08am“Let the Wild Rumpus Begin!”
Maurice Bernard Sendak (June 1928 – May 2012)
LOL, It’s “U-N-E-M-P-L-O-Y-M-E-N-T” we may have openings for headline proofreaders. LOL.
Report Post »@BamaBil
Posted on June 1, 2012 at 10:29amgood catch!
Report Post »Outlaw_Josey_Wales
Posted on June 1, 2012 at 9:05amObama’s Presidency is going to crash and burn just like the economy.
Report Post »sawbuck
Posted on June 1, 2012 at 9:02amOnly 69,000 new jobs..?? …. That’s sounds like a “Huge” amount to me…
Who knew there were that many “Life-Guards” in America.
Report Post »BreeZee
Posted on June 1, 2012 at 9:14amit‘s Bush’s fault, economy was worse than barry thought however look at when barry took over.
got this somewhere off the net:
A history lesson: Do you remember January 3, 2007? The truth can be instructive.
You may not like G.W. Bush, and will declare that the following is not true! But this is a History lesson, so I’m sending it to all, regardless of party.
And, I bet I know who won’t read it – those who are afraid of the truth. But it IS history, and nothing we do can change the facts listed here!
The day the Democrats took over was not January 20, 2009; it was actually January 3, 2007, the day the Democrats took over the
House of Representatives and the Senate, at the very start of the 110th Congress.
The Democrat Party controlled a majority in both chambers for the first time since the end of the 103rd Congress in 1995.
For those who are listening to liberals propagating the fallacy that everything is “Bush’s Fault”, think about this:
On January 3, 2007, the day the Democrats took control of Congress –
The DOW Jones closed at 12,621.77
The GDP for the previous quarter was 3.5%
The Unemployment rate was 4.6%
George Bush’s Economic policies had SET A RECORD of 52 STRAIGHT MONTHS of JOB CREATION!
January 3rd, 2007 was the day Barney Frank took over the House Financial Services Committee and
Chris Dodd took over the Senate Banking Committee.
The economic meltdown that happened 15 months later was in what part of the economy?
Report Post »Answe
sawbuck
Posted on June 1, 2012 at 9:26amBreeZee
Your preaching to the choir..
You should have replied to.. PattyDrama..
she/he needs to SEE what you wrote…
I doubt if he/she will be able to comprehend it though..
Report Post »Nothing but two marbles and a old roach-clip bouncing around up there.
barber2
Posted on June 1, 2012 at 9:35amSAW: Two marbles ?
Report Post »TWO BITS
Posted on June 1, 2012 at 9:00amOur economic growth is at 1.9%, which is frightening, and that is before the debris from Europe washes ashore. Obama’s successor will “inherit” a monumental mess. I pray each day that Governor Romney defeats this failure and can guide us through the coming disaster.
Report Post »lfoa
Posted on June 1, 2012 at 8:53amSomeone remind me…
Report Post »Is this the HOPE?
Or is this the CHANGE?
TXGal
Posted on June 1, 2012 at 9:15amIt is the CHANGE the marxists planned for us.
Report Post »Magyar
Posted on June 1, 2012 at 9:25amHere’s the truth about hope and change………….
EVERYONE BETTER HOPE THERE IS A CHANGE IN NOVEMBER!!!!!
Report Post »Gonzo
Posted on June 1, 2012 at 8:53amI guess Barry will come out and blame Congress again this afternoon.
Report Post »PETTYDRAMA
Posted on June 1, 2012 at 9:20amYep. Just like Bush blamed Clinton. The blame goes to both parties. Wake up you partisan!
Report Post »cemerius
Posted on June 1, 2012 at 9:20amYou mean blame the “bad luck” of having the GW painting hung in the Whitehouse? stomp his feet and follow whatever the TOTUS tells him to say……
Report Post »Gonzo
Posted on June 1, 2012 at 10:09amI’m partisan all right, don‘t pretend you’re not communist punk.
Report Post »osgeek
Posted on June 1, 2012 at 11:05ampettydrama, I have looked for hours to find any mention of Bush blaming Clinton… I can find hours of oblamer blaming Bush. You see it really is Clinton, or well do-good progressives that are to blame for this. It all traces back to Gramm–Leach–Bliley Act of 1999 deregulating banks and the way they can invest and create financial instruments for investing. Also forcing them to take on more risky mortgages. I guess you could call this Clinton’s scorched-earth legacy for us.
Report Post »EqualJustice
Posted on June 1, 2012 at 8:52amWait until you se the REAL numbers according to Obama “liberal math.” HAHA
Report Post »barber2
Posted on June 1, 2012 at 9:22amYes. We are always amazed at the creative math of the 99% Obama/ OWS crowd…..where imagination bonds with numbers !
Report Post »PETTYDRAMA
Posted on June 1, 2012 at 8:51amThanks President Bush.
Report Post »Gonzo
Posted on June 1, 2012 at 8:57am4 years of Obama‘s Presidency and that’s all you’ve still got? You’re as pathetic as he is.
Report Post »sawbuck
Posted on June 1, 2012 at 9:16amGonzo ..I took Petty’s comment as sarcasm.. LOL
Report Post »Your right .. Its Fricken unbelievable …!
They’re still “Blaming Bush” ….. Pathetic …!
barber2
Posted on June 1, 2012 at 9:20amYes, that comment is PETTY and also RIDICULOUS. You need to do a name change like your hero Barry Soetoro / Barack Obama ! Much more “dramatic, ” kid…
Report Post »usedCZARsalesman
Posted on June 1, 2012 at 10:01amPETTY, I know that you HATE to answer direct, logical questions (as all liberals do)…but what exactly has BO done to improve the economy in his 4 years? Why hasn’t it worked? Does the DemoRAT party that complete controlled the house for the last 6 years of Bush not have ANYTHING to with that “horrible economy BO inherited”?…you’re a moron
Report Post »Georgiad
Posted on June 1, 2012 at 10:42amYou r an A$$
Report Post »osgeek
Posted on June 1, 2012 at 11:11amno, that is thanks 110th congress, 15 months after these liberal goons took over spending, the economy officially tanked. Yes this was Bush’s term, but the CONGRESS controls spending.
Report Post »rodeogolf
Posted on June 1, 2012 at 1:26pmyep…2 unfunded wars, an unfunded drug benefit, first tax cut during war time ever…still causing grief
Report Post »DGuy
Posted on June 2, 2012 at 9:55pmI wonder how much of our money Obozo wasted with his illegal war in Libya???
Report Post »