By the Left Coast Rebel
Had CNBC on this morning and caught the fugly results on the jobs front. Even the talking heads noted the failure of QE2 (thereby Keynsian economics).
WC Varones has the basics on today's numbers:
- May Nonfarm Private Payroll 83K vs 180K consensus (triple ouch)
- May Nonfarm Payrolls 54K vs 169K consensus; prior revised to 232K from 244K (ouch)
- March Nonfarm Payrolls revised to 194K from 235K (double ouch)
- May Average Workweek 33.6 vs 34.3 consensus (ouch)
- May Unemployment Rate 9.1% vs 9.0% consensus (ouch, ouch, ouch)
We need a complete makeover in our government and takeover by those who understand and respect the free market.
More economic news from CNBC:
U.S. employers hired far fewer workers than expected in May and the jobless rate rose to 9.1 percent as high energy prices and the effects of Japan's earthquake bogged down the economy.Hope and Change!
Nonfarm payrolls increased 54,000 last month, the weakest reading since September, the Labor Department said on Friday.
Private employment rose just 83,000, the least since last June, while government payrolls dropped 29,000. Economists had expected payrolls to rise 150,000 and private hiring to increase 175,000 in May.
The government revised employment figures for March and April to show 39,000 fewer jobs created than previously estimated.
The job creation slowdown confirmed the economic weakness already flagged by other data from consumer spending to manufacturing.
The good news about data like this is that it makes it really, really, really hard for Teh One to achieve reelection, assuming of course that the Republican party does not nominate a squishy RINO with no fiscal conservative bona fides -- a distinct possibility -- given their track record in the last few cycles.
Via Memeorandum, cross posted to Rational Nation and Proof Positive.