Skip to comments.Job growth slows to 54,000 in May, rate up to 9.1%
Posted on 06/03/2011 5:48:29 AM PDT by Free Vulcan
WASHINGTON (MarketWatch) -- Job growth decelerated sharply in May, the Labor Department said Friday. Total nonfarm payrolls increased by 54,000, much lower than the 125,000 gain expected by Wall Street economists. This is the smallest increase in nonfarm payroll since September. The unemployment rate ticked higher 9.1% in May from 9.0% in the previous month.
(Excerpt) Read more at marketwatch.com ...
The markets are NOT happy. S&P down 15 points in seconds and heading lower.
Let me guess..it was UNEXPECTED? LOL!
I remember back when Bush was president and the dems were complaining about 5% unemployment and how bad it was. Rush referred to their vision as “soupline America”..
Now the really have a “soupline” but it’s the unemployment and foodstamp lines.
Unemployment: The New Norm
Even as the economy recovers, the days of 5% unemployment may be gone for good.
A chorus of economists and labor market observers say that the “natural” or “structural” rate of unemployment has shifted up, meaning that Americans looking for work should get used to having a harder time finding it. The unemployment rate is currently 9% and could take until 2016 to reach the natural rate.
Lowering the bar is Standard Operating Procedure when trying to justify failed policy.
The question is.......were they lying before or are they lying now.
I can’t trust anything coming from this administration.
Wonder the next words will be that we need to spend another billion or trillion to ‘stimulate’ the economy.
They just announced laying off 400+ at Sikorsky in Elmira NY, nothing left here, shut the lights off...wait, NYSEG will do that for us! Priced themselves out of business too!
Actually, the UI rate is around 20% without the funny stuff. They can’t hide the numbers any more....numbers are facts and facts don’t spin or lie.
Seriously, it is now time for the Democrat Party to take some very serious action and force POTUS Obama out of office, either by his resignation or impeachment. Obama, IMHO, has purposely destroyed the American economy and jobs market!!! Obama is not an American and should not remain as the POTUS. Failure of action on the part of the Democrat Party will cause its destruction in November, 2012!!! Better wake-up quick, Democrats!!!
The media can’t lie their way out of the failures of obamanomics. They can’t sit there and pretend a recovery is in effect for a full two years (as of this month) and expect the people to accept this new downturn as anything other than a failure of big government and a centrally controlled economy.
Time for the Clinton’s to start floating a “draft Hillary” movement.
” The question is.......were they lying before or are they lying now.
I cant trust anything coming from this administration. “
If the Official (i.e. massaged, cooked, and outright fraudulent) numbers are this bleak, the Reality must be truly frightening....
U6 is at 15.8% which is down from 15.9% last month. Link. Still stubbornly high and is the "true" unemployment number not the BS headline number that excludes people that have given up looking for work.
Oh but the CBS Early Morning Show tried to put a positive spin on it this morning. I don’t know if you guys watched the 7 am - 7:10 am segment but CBS did a story on the car industry in Detroit and how we should THANK Obama for ONLY losing $14 BILLION in taxpayer money in propping up the auto industry.
How do those people sleep at night?
NBC news with Brian Williams skewered Obama last night on the economy.
Obama’s in Ohio today touting “bright spots” in the economy. I think that’s really just the glow from everything burning around him.
Libs on CNBC would rather lie than present sound economics.
Present such nonsense as “Education is a problem, yet we’re firing teachers”...
The problem with education is CONTENT and the quality of teachers staying on the job due to union rules.
Communists in the White House are not good for the economy. Case closed.
Hope and change.
The McDonalds hiring bump is over...
Is it wrong of me to smile at this news? It seems selfish to want the economy to be really bad for 2012 but that is the way I feel. Anything that hurts Obama.
Anybody want to guess how long it will be before the Obama administration trots out Geitner to say all the bad economic news is the fault of house Republicans because they will not pass a clean vote to raise the debt ceiling? (he’s starting to sound like that old guy the keeps predicting the end of the world). Also, if you need a good laugh, some democrats are seriously pushing a Porkulus II, claiming the downturn is based on the first Porkulus wearing off.
It’s not so much food stamps anymore but its Link cards. Stay the heck away from Wal-Mart on the first of the month when the Link cards get recharged because it looks like a 3rd world country in there. That’s exactly how the current administration wants it.
I am sure it will be revised downward.
Expanded followup article:
Here’s the really good part:
The BLS collects two sets of data: payroll and household.
The 54,000 figure is from payroll data which has been adjusted by the Birth and Death model by +206,000.
[The Birth and Death model is a statistical tool used to guesstimate the number of jobs created by the birth and death of businesses. For example last month’s +244,000 had been adjusted by +175,000.]
-——Unemployment: The New Norm-——
Not necessarily because there is a very large but unstated factor in the real total. The factor id illegal workers. If the administration would do it’s job, it would hold a massive crackdown and purge. The illegals would be either carried away or forced to flee.
The resultant jobs freed up will drastically lower the unemployment rate.
How many of these 54,000 jobs are full time?
(If someone gets a job for 6 hours a week - are they counted in that number? - anyone know?)
I would suggest the extended unemployment benefits are more to blame.
EXPECTED. I think all of us EXPECTED this news. Thanks Obama voters.
McDonald’s + 4000
As these terrible numbers have been coming out during the last week, I noticed a slight change in the media coverage. Instead of 24/7 glowing reverence, I started to hear some real questions being asked about the obvious slowdown. Overall, they still hold up the One as some sort of deity among men, but there are some cracks starting to show.
I know they will be full-bore for Obama when the campaign is underway, but the voters are being impacted, and should respond favorably to a GOP campaign that goes around the media and speaks plainly about the real problems.
From NBC News last night:
“Bad sets of numbers that show real trouble still ahead.”
No victory lap for Odumbo. I guess its back to golf and hoping for change.
Failure depends on what you consider success. if your goal is to bring America down to size and punish her, you’d now consider the your policies successful.
Welcome to the new normal.
The tragedy of the commons coming soon to a neighborhood near you.
If I had voted for Mr. Obama, I think this morning would be a really good day to take a long walk off a short pier.
Thanks for the great stimulus package, Mr. President. I hope all of your cronies liked it.
You spent all that time going for a ridiculously expensive health care program that cannot possibly work.
You should have spent the last two years working on growth.
OMG, are you this ignorant?
We would have been better off if you had spent the last two years asleep.
That is exactly right. I feel like shouting “Rise, Men of the West!!!” I can’t wait until this evil tower falls.
I believe the proper term here would be "hoped for," not "expected." Anyone expecting great economic news in this climate is seriously delusional.
Unemployment looking better, now only 9.1%.
Chocolate ration in June increased to 20 grams.
Obama a lock for 2012; weak Republican field in disarray.
(just give the MSM a little time, that’s what the news will look like before all is said and done).
Thing is we had the dead cat bounce. The economy was picking up...for awhile. How do they blame Bush now?
This is all at Obama’s feet. What’s he going to say, that the GOP didn’t run high enough deficits? The only thing they got is the thug and bully avenue.
I've never liked that attitude that some people have, saying they'd like to see the worst candidates win, so that people will see how bad things get and learn a lesson. I'd rather just avoid the bad times. But--I will admit, there is some value in people getting to witness for themselves just how badly a leftist ideologue can mess things up. It's been a LONG time since Carter; many voters today weren't around during his presidency.
Some dedicated leftists won't learn, however. No matter how bad things get, they'll believe that it's because we haven't gone far enough to the left.
In Wisconsin, we’re not firing teachers, just trying to get them to pay more for their benefits but you would think we’re marching them in front of firing squads.
Unemployment: The New Norm
Unexpected is the New Norm.
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