Unemployment rises – now 9.1% – “Summer of Recovery II” upon us
Expect the word unexpected today. Some had predicted an 8.9% rate. Instead we are staring at a positively Connectican unemployment rate of 9.1%. But then if you are looking for a job … this is not unexpected.
The report just released is dismal. The economy creating just 54,000 jobs in May. Anemic!
Employment rose far less than expected in May to record its weakest reading since September, while the jobless rate rose to 9.1 percent as high energy prices and the effects of Japan’s earthquake bogged down the economy.
Nonfarm payrolls increased 54,000 last month, the Labor Department said on Friday, with private employment rising 83,000, the least amount since June. Government payrolls dropped 29,000.
Economists polled by Reuters 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.
Here’s Ed Morrissey’s analysis:
The number of unemployed in the workforce actually rose by almost 170,000, while the number of Americans not in the workforce fell by 105,000. That’s why the unemployment rate rose in this report. However, the workforce level in May 2011 is still more than 500,000 fewer people than a year ago, when the Obama administration tried selling its “Recovery Summer” campaign.
Numbers of recently unemployed declined slightly, a bit of a surprise considering the rise in initial jobless claims over the last seven weeks. Those jobless for less than 5 weeks dropped 27,000, and 5 to 14 weeks by 15,000 since April. Those unemployed longer than 15 weeks went up 329,000, however, and are now at the highest level since January. The increase all comes from those out of work more than 27 weeks, which rose by 361,000, corroborating the numbers before showing that some workers tried reentering the workforce in May and found no work waiting for them. That category also saw its highest level since January.
In truth though … the real unemployment is much higher. Change!
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Unless the MSM will be at every grocery store, gas pump and clothing store – handing our greenbacks – this guy has NO CHANCE of getting re-elected in ’12.? The R’s can put up just about anyone they want…I personally like Chris Christie with Paul Ryan as Veep….
It is imperative that we elect a President who is business-savvy and competent?dealing with?real life, not live in some bubble.? Whoever it is needs to bring in a battalion of accountants and auditors and fix our economy.? First on the agenda should be the slashing of all pork, regardless of politics.? Second should be a streamlining of government.? Third should be a tax code that will actually encourage job creation and entrepreneuralship.? Health care should be left up to the individual states to solve.
At this point, I’d vote for Rocky, the flying squirrel, with Bullwinkle for VP, before I’d vote for that Pretender to the Oval Office!
One little thing…a president doesn’t create legislation, congress does.
The new R house will continue to do nothing-they have a stake in allowing the economy to fail.
Case in point, they got elected promising (per Boehner) “jobs, jobs, jobs”. What have they done? they have worked on defunding NPR, PP, NEA, killing medicare, etc. etc.
The only way government creates jobs is by the public works, hiring of civil service, and aides.? Why are people constantly looking to the Federal Government for solutions?? Do we have a command economy?? Are we some socialistic European country needing bailouts?? Sure starting to look like it.
@crystal:? the House of Representatives — controlled by Republicans — can write any legislation they want, but it has to pass the Democrat controlled Senate if I’m not mistaken.
Obama continues to promise on something he clearly cannot deliver on.? Just because he says something doesn’t make it so.? Eventually, if the numbers don’t line up with what’s coming out of his mouth people will figure out he’s all talk, no action.
“Unexpected” is the new “unprecedented”.
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Remember when all the young president could talk about was how “unprecedented” virtually everything he did was??? Well, the only precedent for what he has on his hands is the Great Depression.?? That might explain the FDResque, failing methodology.
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I like what Romney said: “the president has failed America.”
Hey, how’s that 10 years of the GOP’s “trickle down” workin out for ya?
Every directed economy in history has ultimately failed.? Unfortunately our present administration, chock full of theoreticians and academics, still thinks they can direct our economy successfully because, well, they’re smarter than all who went before.? Sadly, history has a way of predicting the future.
The elected representatives of both parties are playing a game of “chicken” at our collective peril. Check what Moody’s said yesterday. The uncertainty created by the Congress will keep any businessman from making any moves toward creating jobs.
I think they are more worried about the certainty of liberal/progressive/socialist economic policy, the certainty of economic policy that started this decline when the Democrats seized the Congress in 2007.? As crystal says, “a president doesn?t create legislation, congress does.”
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Trickle down economics trumps trickle up poverty any day.
So, you are calling the pre-bush tax cut era “trickle up poverty”?
The Clinton tax rates created 22 million jobs and a budget surplus…if that’s “trickle up”, I’ll take it!
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crystal, clinton left a recession.? Bush didn’t leave a recession….democratic congress did.
and, don’t you think 9/11 (with all its repercussions) might have played a teensy part in tanking the economy.? Good grief, how quickly people forget.
Selective memory loss. ? And a belief that taxes create jobs! ? 😉
I’m really surprised that blaming Bush, hating Republicans, bailing out union cronies and attacking disfavored major industries hasn’t had a more positive impact on the economy. Now we have major racist news organizations piling on Barry and Joe the Dumber because they’re bigoted against minorities and stupid people. Things are really so much better, and soon we’ll have an organic chicken in every pot – provided the chicken passes all licensing and inspection steps.
Read again: “The elected representatives of both parties are playing a game of ?chicken? at our collective peril”.
Indeed.? But if the Dems flinch, then we pay fewer taxes and/or begin lowering our debt.? If the Repubs flinch, then it is spending as usual, and the debt continues to rise.
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Sure, the delay in action causes peril, but continuing down our present path of destruction will be even more perilous.
The “delay in action” also causes Moody’s to warm about the perils of credit downgrading and the stock market takes a shellacking.? These are in your face, current perils. If either side flinches instead of getting a solution together, we all lose.
Sammy, you have this fantasy about both sides working together.
Pop quiz:
1. How many “jobs” bills have the R House passed since they were elected?
2. Who stands to gain in 2012 by keeping unemployment high?
Depends how you define “jobs bill!!!”? Hey, let’s print another 3 trillion dollars and throw it at some interest group, maybe that’ll work???? And how’s all that “stimulus” money working out for jobs???? Shovel-ready?? Shovelling something, that’s for sure.
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crystal its not how many the house has passed, its how many bills that have been passed by the house that the dem?senate brings up for a vote.
Tom is absolutely correct.? And even if it passed the Senate, would ?bama sign off on it?
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If it were down to “who stands to gain what”, then ?bama would be doing anything, I repeat, anything, to get unemployment down and the economy up.? Throwing tired, disproven, socialist/Keyensian schemes at the economy isn’t working.
The R’s campaign slogan in 2010 was “jobs, jobs, jobs”.
Some of the house’s “jobs bills”:
Voted to protect taxpayer subsidies for Big Oil and speculators driving up gasoline prices, and against gasoline anti-price gouging legislation for consumers.
Voted to protect tax breaks for corporations shipping jobs overseas.
Voted to strengthen the role of special interests in our elections .
Voted to cripple public radio stations (which do not save tax payers? not saving taxpayers one dime.
Voted to cut off key federal funding for Planned Parenthood — (the primary source of health care, especially? cancer screenings and? breast exams for millions of women across the country).
There’s more…but nuf said.
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All socialist talking points from the party of do nothing.
So what is the answer to crystal4 points?? Just a flip answer??
There is no recovery,the housing market is triple dipping,the stock market is held up by scam & inflation is taking off like a rocket.
Jobs are only created by new small businesses,not government. And they are being created,but underground & will never emerge until taxes & regulations will allow them to. We’ll soon be like Italy where 50% of jobs are off the tax rolls.
To wit:
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Speculators aren’t oil companies, and they provide a service by tempering oil demand.? Gov’t makes (profits?) roughly FOUR times what the oil companies do on a gallon of fuel.? Who is really gouging?
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If tax breaks are specific for the offshore jobs, then kill the breaks.
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If “special interests” include positive voter ID, then more power to them.? If you are talking about Citizens United, then include the unions as well and we’ll talk.
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If public radio has become progressive radio, then let’s celebrate their death.? Why can’t progressives support their own stations, and not force me to do so?
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Planned parenthood should focus on those services and not abortions.? If the abortions continue, then they can live without public funding.? The abortion enthusiasts should support themselves.
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Now what have the president and the Dems done to boost jobs?
Look at this. You may find something on this list.
http://www.whitehouse.gov/blog/2011/02/25/seventeen-small-business-tax-cuts-and-counting
Sammy we already had most of those. What the proper question is how many new taxes were created when those bills passed and the final regulations are written. Such as the 3.8%? federal realestate conveyance tax on top of the close to 2% CT conveyance tax.
I need some aspirins! What did? Dims ask? I thought all tax cuts were good, according to the Repub mantra.
Sammy put your head back take a deep breath?and say “Dims is right” 3 times and that headache will go away.
You know, naproxen (Alleve) is good for 12 hours….. 😉
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The real question is: did the few tax relief “bones” the WH claims to have thrown the small (and large) businesses (to no apparent effect) do anything to offset the increasing tax burden proposed by ?bama and the Dems?
Yes, TomL, the headache is gone w/o Alleve.? I have checked what the 2010 Repub House majority has done to boost jobs and found a big goose egg. Oh, I forgot, the House cannot do anything because the Senate will not act/pass on it.
It was President Obama who ran on Jobs, Jobs, Jobs! He has failed, failed, failed
Maybe the Republican led House could have gotten to work sooner if they didn’t have to clean up the budget mess, i.e. lack of a budget, that the Dems left them with.?? What a waste of time that was.? And now the Democrat controlled Senate can’t manage to put out a budget?? See a trend here?
Yea, I see a trend: the Repubs stand to gain in 2012 if unemployment stays high. So doing nothing is to their political advantage.
Bingo, Sammy!