Obamanomics: Disastrous May Jobs Report … Unemployment Goes Up to 8.2%, Only a Meager 69,000 Jobs Created
EPIC OBMAMANOMICS FAILURE: Let’s see President Barack Obama and his reelection minions spin their way out of these disastrous May 2012 jobs numbers. How much longer is any American going to believe that Obama has a clue about fixing the economy? Face it, Obama has no idea how to fix it and his far left/socialist ideology is only harming it.
The Unemployment number for May 2012 is up to 8.2%. The Obama economy is week and getting weaker. Only 69,000 jobs were crated in May, far less than what was expected. Economist estimated that 158,000 new positions would be created in May, missed it by that much. Making matters worse, previous months were revised … employers added 49,000 fewer jobs than previously estimated in March and April. April’s number of 115,000 new jobs added was revised down to 77,000. Stocks plunge on the terrible jobs news of the Obama job recovery, or lack thereof.
U.S. employers created 69,000 jobs in May, the fewest in a year, and the unemployment rate ticked up. The dismal jobs figures could fan fears that the economy is sputtering.
The Labor Department also says the economy created far fewer jobs in the previous two months than first thought. It revised those figures down to show 49,000 fewer jobs created. The unemployment rate rose to 8.2 percent from 8.1 percent in April, the first increase in 11 months.
The unemployment rate that counts discouraged workers rose as well, swelling to 14.8 percent form 14.5 percent in April.
Long-term unemployment also took a sharp upturn, with the number of those out of work for 27 weeks or more jumping from 5.1 million to 5.4 million. The average duration of unemployment moved from 39.1 weeks to 39.7 weeks.
“It’s painfully obvious the economic recovery in the U.S. isn’t just slowing down, it’s pulling up the emergency brake. And, lack of job creation isn’t the only critical concern. Wages/Income is sharply lower,” said Todd Schoenberger, managing principal The BlackBay Group in New York.
“For those lucky enough to have a job, their spending power is sliding when accounting for inflation. The markets will respond negatively to this report,” he added.
Markets reacted immediately to the numbers.
In May, stocks suffered through their worst month.
What a colossal mess this President has created. There is no way that America can withstand 4 more years. Let’s see Obama continue to attack Romney on Bain Capital and that Mitt is wrong for the US economy. After all, even former President Bill Clinton said that Romney had a sterling business career. You have failed Obama, you need to be shown the door and every other like minded politician. America needs to get serious about fixing its economy and those with a socialist ideology have no place.