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U.S. sees lowest number of new jobs added in 6 years

U.S. sees lowest number of new jobs added in 6 years

Obama’s “kiss of death” remarks strike again!

I am taking a few moments from my “Crazy California” and science coverage today to hit a topic that will be critically important in November: Jobs.

Yesterday, the media coverage I followed was focused on San Jose. Interestingly, for those of us who have been following the Facebook trending news saga, San Jose completely failed to appear in the trending items. In fact, here is today’s list:

LI #53 Facebook Tredning

And while I am grateful to see news about the Great Pyramid, I also noticed that another critical story is also absent:

Via CNBC: US created 38,000 jobs in May vs. 162,000 expected

Job creation tumbled in May, with the economy adding just 38,000 positions, casting doubt on hopes for a stronger economic recovery as well as a Fed rate hike this summer.

The Labor Department also reported Friday that the headline unemployment fell to 4.7 percent. That rate does not include those who did not actively look for employment during the month or the underemployed who were working part time for economic reasons. A more encompassing rate that includes those groups held steady at 9.7 percent.

Wall Street was looking for payroll growth of 162,000 and the unemployment rate holding steady at 5.0 percent.

“There’s one word for it, which is just shocking,” said Dan North, chief economist at Euler Hermes North America. “Unfortunately it does look like a trend. It’s not great news.”

Let’s step back for a moment and digest these critical statements from an entity normally very friendly to the Obama Administration:

  • There was no minimizing how bad the employment report was in the lede.
  • There was actually a reference to a more encompassing rate that is close to 10 percent.
  • It ends with the revelation that it isn’t an anomaly because of an outside factor beyond government control..but a trend.

The White House had to place their own special spin on the data:

White House officials cited several bright spots in the report: Average hourly earnings rose 5 cents to $25.59 in May and are up 2.5 percent over the past year. The long-term unemployment rate fell to 1.2 percent, the lowest level since August 2008. And employers are still hiring, even if at a slower pace, extending the longest streak of job creation in the nation’s history.

“When you look at the totality of the circumstances here, I have a lot of confidence that we still have the wind at our back,” Labor Secretary Thomas E. Perez said in an interview.

Since this statement comes from an administration that joyfully describes how it deceives the gullible media, I am not comforted.

The bloom appears to be off the rose, in terms of the American media’s relationship with Obama’s crew. I can only surmise our journalists want to regain at least a little of their credibility back before a new administration takes over.

Too little, too late.

In fact, based on Obama’s own remarks about the economy recently, I will project that we are entering into a new era of economic hardships. Obama spoke recently in Indiana, giving another tired lecture on how “the economy is better off now than at the start” of his presidency.

Tyler Durden of ZeroHedge provides the realities underpinning Obama’s fantasy:

#53 Economy

That Obama asserted the “economy is awesome” a few days before this report was released should have been a warning to brace for bad employment news: His statements are truly the “kiss of death.”

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Comments

casualobserver | June 5, 2016 at 11:15 am

I pay little attention to Facebook. In fact, I keep getting prompts on my phone that I have 42, 43, 44, on and on messages each day. But looking at that list, seems like what “trends” on FB is mostly gossipy stuff (people) with a little extra thrown in like animal “cuteness.” Difficult to expect FB to be trending hard news.

Clearly, the gov doesn’t create jobs. Politicians can’t run an economy. More money doesn’t improve bad ideas. Lying about stats won’t change what the public knows is true. Elected officials have botched this 6 ways to sunday. How long til the implosion?

People dropping out of labor force is the new normal. Yet, probably because it is a normal, for the first time in years I see Now Hiring signs popping up.

In the kingdom of lies the truth is a novelty. Liars lying to themselves & others like themselves become the norm. This is our leadership classes in both parties & across the support institutions.
We’re raising the first generation entirely marinated in lies. The first generation where such is the case. The beginning generation in a growing trend of downward mobility. The beginning generation for a humbled America.
The most damning indictment for the Republican party & the movement conservatives who prop up that Republican party is their role in enabling the highjacking of the opposition role to their own purposes. Nothing highlights their failure’s like where we now find the country & its citizens.

If the unemployment rate was calculated like it was prior to 1994, the unemployment rate would be at 22% right now.

Nicely done article. I’m glad you’re tracking FB “News” so I don’t have to.

Anyone wanting confirmation of what a big deal the economic report was should check out the explosive reaction in the spot gold market Friday morning. (Most traders/investors now think the Fed will not be able to raise rates in the face of such bad news)

http://www.kitco.com/charts/livegold.html

    Sammy Finkelman in reply to DaMav. | June 6, 2016 at 2:45 pm

    (Most traders/investors now think the Fed will not be able to raise rates in the face of such bad news)

    Which means it’s good news, no?

Just wait until Trump is President-elect. They will start the day after the election is over, then they will blame Trump for all of Barry’s blunders.

All part of the plan.

This is all planned. The man who calls himself Obama wants us all dead so he can remake this country in his graven image. He and his followers are truly evil.

inspectorudy | June 5, 2016 at 6:11 pm

This, like the constant mentioning of the “Homeless” under GWB are not issues for obama. He takes all the credit for anything positive and gets no blame from the msm for any foreign policy failures or economic problems. 7 1/2 years later and this is being called a moderate recovery. It’s only moderate for his cronies and Hollywood. Under GWB, the Demorats in Congress blasted and blamed him every single day for any number that was negative. Can we just imagine if GWB had come up with obamacare!

Sammy Finkelman | June 6, 2016 at 2:44 pm

It might be the end of seasonal jobs from the fall, higer insurance premiums, banks making it tougher to get business loans, the Verizon strike (mentioned and sismissed by paul Krugman)

The lkabor force particcipation rate is simply continuing it’s steady decline – nothing happened in January. Some of that is due to retirements.

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