Forward?: Unemployment Jumps to 8.2%, Only 69K Jobs Created
The awful economic policies of the Obama administration and the left in general have finally come home to roost. As has the media refusing to vet a man obviously not ready to be chief executive of a lemonade stand much less this great nation of ours.
From the AFP:
The US economy only added a meager 69,000 jobs in May, pushing the unemployment rate up to 8.2 percent, the Labor Department reported Friday.
The closely watched government labor figures were well below expectations of a 150,000 jobs increase and for the jobless rate to hold steady at 8.1 percent from April.
That's the fewest number of jobs created in a year. But that's not the worst of it. The Labor Department also revised their figures from last month, downward of course, showing only 49,000 jobs created last month.
Also revised downward was last quarter's economic growth, from 2.2% to an anemic 1.9%. Job cuts also increased in May, up 53% over the previous month.
This is the 40th month in a row unemployment has been above 8%. Moreover, we all know that one of the primary reasons the unemployment rate has fallen at all is due to the unemployed giving up the search for work and therefore no longer being counted.
When you have an attrition rate of, perhaps, hundreds of thousands giving up the job search, and you still have the unemployment rate go up as it did in May, things are even worse than they look on the surface.
By some accounts, if our labor force was the same as it was when Obama took office, the unemployment rate would be above 10% today. But the labor force is smaller because of those who have simply quit searching for work.
Obama's reelection slogan is "Forward."
Well, we all look "forward" to seeing this failed president join the ranks of those he loves so much he created more of them -- the unemployed.
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