US Creates 69,000 New Jobs, Unemployment Rate 8.2% (Up from 8.1%)

CNBC.COM ^ | 6/1/12 | Jeff Cox

[NE Cons]

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.

Photo: Sturti | Vetta | Getty Images --------------------------------------------------------------------------------

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.

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 1.50 percent

The report comes a month after the government reported that just 115,000 new jobs were added in April, a number that helped contribute to a general malaise about economic growth.

With worries swelling over the state of the global economy, another weak employment report in the U.S. adds to fears that a sharp slowdown is on the way.

[TonyInOhio]

Good thing my hand cast comes off on Monday.

ROTFL!

[Roccus]

Good thing my hand cast comes off on Monday.

You'll only end up doing this

[NE Cons]

Exactly! Amazing how NO ONE presses them on that claim. Pathetic

[Beagle8U]

Jimmy Carter - Now available in black!

[NE Cons]

Sec Solis lying on CNBC. Talking about the past 24 months, dodging and weaving. Pathetic

[NE Cons]

Sec Solis just said that on CNBC. That congress needs to step up its game. Lying sack

[NE Cons]

Exactly

[HereInTheHeartland]

“10Y UST yields down to 1.47% in a flight for safety”

Amazing and historic.

Keeping those of us originating mortgages busy.

[kevao]

Summer of Recovery III, coming up!

[khelus]

The unemployment rate without all the massaging built in over time:

[NE Cons]

I’ve NEVER seen a more disgusting bunch of liars in my life. I thought Clinton was bad, but this bunch are amazing... and the media allows them to spew their lies with abandon. How disgraceful

[TonyInOhio]

Reuters: Dow Jones Industrial Average turns negative for the year

[popdonnelly]

That’s one heck of a photoshop.

[Gasshog]

big gap down will the PPT get it back over the 200 EMA like it has the last half of May. I see this market taking a tumble if not.

[khelus]

Even that 69,000 figure is laughable. They pumped the number via their Birth/Death modeling +204,000 jobs. Last month it was +206,000.

Model

To be kind, the magic black box that is the combination of the Birth and Death model seems to be designed based upon the assumption of a growing economy /sarc

[St_Thomas_Aquinas]

-—What this means that the real numbers are much, much worse.——

I’m stunned that they’ve gone off the 7.5%-unemployment-by-October script.

[Errant]

Look for hints of QE by the FED, soon... The expectation is in the GLD and SLV spikes; time to kick the can again.

[TonyInOhio]

The Dow is down over 200 points now

[barmag25]

The picture on drudge is priceless

[St_Thomas_Aquinas]

——CNBC talking about not only how bad the report is but how the revisions from the past two months show the trend....they then sadly noted how this is going to hurt obama’s re-election chances- BOO HOO...-——

His reelection chances was the first thing that popped into my head, not, “oh crap, I hope I don’t get laid off again.”