Pathetic June 2012 Jobs Reports … Only 80,000 Jobs Created … Unemployment Stays at 8.2% (Update: DOW Down 120 Points …)
Terrible June 2012 jobs report … a pathetic 80,000 jobs created for the month. Welcome to the Obama job recovery. The analysts were expecting at least 90,000 jobs. Economists polled by Bloomberg were looking for a gain of 100,000 during the month, with private payrolls advancing . That itself is a poor expected result. Can you say, EPIC FAIL!
The U.S. economy created just 80,000 jobs in June and the unemployment rate held steady at 8.2 percent, reflecting continued slow growth in the economy with the presidential election just four months away.
The Bureau of Labor Statistics said private payrolls increased 84,000, while the government lost 4,000 jobs.
Me thinks the Barack Obama bus tour in the battleground states of Ohio and Pennsylvania just crashed and went off the road. Lets hear Obama spin his way out of this meager jobs report.
From the Bureau of Labor and Statistics:
Nonfarm payroll employment continued to edge up in June (+80,000), and the
unemployment rate was unchanged at 8.2 percent, the U.S. Bureau of Labor
Statistics reported today. Professional and business services added jobs,
and employment in other major industries changed little over the month.
Household Survey Data
The number of unemployed persons (12.7 million) was essentially unchanged
in June, and the unemployment rate held at 8.2 percent. (See table A-1.)
Among the major worker groups, the unemployment rate for blacks (14.4 percent)
edged up over the month, while the rates for adult men (7.8 percent),
adult women (7.4 percent), teenagers (23.7 percent), whites (7.4 percent),
and Hispanics (11.0 percent) showed little or no change. The jobless rate
for Asians was 6.3 percent in June (not seasonally adjusted), little changed
from a year earlier. (See tables A-1, A-2, and A-3.
UPDATE I: Markets Fall in wake of Poor Jobs Numbers from the Obama Jobs Recovery.
The Dow was off just a few points before the announcement. It’s now down more than 70 points.
Gold is also off in the wake of the announcement, trading at $1608 per ounce.
The price of Treasury notes has also fallen.
UPDATE II: Comment of the day courtesy of Jammie Wearing Fool … “I almost expect Team Obama to claim Mitt Romney outsourced all the missing jobs.” Even though you are joking, sadly this will most likely be contemplated by Team Reelect Obama. When one sends their minions on TV to lie how Obama’s attorney argued the individual mandate as a tax to the SCOTUS and then tell the American people they never did anything of the sort, the hell with the actual audio, anything is possible for a desperate Presidency.
UPDATE III: DOW DOWN TRIPLE DIGITS