An interesting piece on the real numbers from the WSJ here.
CNBC Report:
U.S. stock index futures extended their losses Friday after non-farm payrolls showed employers added less jobs than expected in June.
Non-farm payrolls rose by 80,000, according to the Labor Department, missing expectations for a gain of 90,000 jobs, according to a Reuters poll. Meanwhile, the unemployment rate remained unchanged from May at 8.2, in line with predictions.
“The economic recovery is clearly stuck in quicksand as job creation remains anemic and layoff announcements soar,” said Todd Schoenberger, managing principal at The BlackBay group. “It’s going to be an extremely difficult second half of 2012 for Americans, as employment worries rise and the household balance sheet continues to deteriorate.”
With yet another month of weak employment growth, the second quarter marks the weakest three-month period in two years, fueling optimism that the Federal Reserve will step in with additional monetary easing. Recent economic reports have been dismal with the ISM manufacturing index earlier this week indicating a contraction for the first time since 2009.
So when are the Obamas having their next White House party?
And let the spin begin!
“Public Radio Spins Stagnant Jobs Numbers for Obama: ‘Growth Nonetheless!’ “
Expect it from the rest of the media.