The markets are NOT happy. S&P down 15 points in seconds and heading lower.
The economy has regained only a fraction of the more than 8 million jobs lost during the recession. Economists say payrolls growth above 300,000 a month is needed to make significant progress in shrinking the pool of 13.9 million unemployed Americans.Ya hear that nobama? YEARS!The rise in the unemployment rate from 9.0 percent in April reflected discouraged workers who had been inspired by the pick-up in hiring in April re-entering the labor market.
"There is so much slack in the labor market it's going to take a long time to get the unemployment rate down to between 6 and 7 percent. That's going to take years," said Stephen Bronars, a senior economist at Welch Consulting in Washington.
One more sentence from this article:
"The data lent more fuel to talk about the need for the Fed to extend its asset purchasing program when it expires this month, but officials at the central bank have set a high bar for any further easing of monetary policy."
I was unaware that "thin air" could be considered an asset. Now I must reallocate my portfolio :)
And you wonder why a lot of people think unless Obama reduces the size of government, cleans up the income tax system and reigns in the excesses of Wall Street, he will be officially “toast” on November 2012.
You have to wonder why it’s so important for Democrats to get elected. And, if it is so important to them, how far will they go to protect their gravy train? If things continue to be bad, Obama shouldn’t take any trips to Arkansas.
Uh, no thanks. My liver is already shot from all the "unexpecteds" during this admin.
Has anybody heard what the U-6 rate is?
The Obama adminstration passed the Road to Recovery a few thousand miles back, won’t admit they’re lost, and won’t ask for directions.
... guess we now know why we’ve had the wienergate major distraction for the past week. these commies are so predictable. but there’s not much they can do to distract our attention from this very negative employment report... unless space-aliens suddenly land on the Earth (please, please, come and take obama and his minions too) !!!
amazing slow yet unexpected ... lol
Bah.
Oh no. Another “Recovery Summer” on it’s way.
I’m wondering how we could have lost well over 420,000 jobs a week during the month and still had any net gain.