Friday’s jobs report is a stunning reminder of how anemic the recovery has been – and how perilously close the nation is to falling into another recession.
June 1, 2012 | Advertisement The White House must be telling itself there are still five months between now and Election Day, so the jobs picture could brighten. After all, we went through a similar mid-year slump in 2011 but came out fine.
But however you look at Friday’s jobs report, it’s a stunning reminder of how anemic the recovery has been – and how perilously close the nation is to falling into another recession.
Not only has the unemployment rate risen for the first time in almost a year, to 8.2 percent, but, more ominously, May’s payroll survey showed that employers created only 69,000 net new jobs. The Labor Department’s Bureau of Labor Statistics also revised its March and April reports downward. Only 96,000 new jobs have been created, on average, over the last three months.
Put this into perspective. Between December and February, the economy added an average of 252,000 jobs each month. To go from 252,000 to 96,000, on average, is a terrible slide. At least 125,000 jobs are needed a month merely to keep up with the growth in the working-age population available to work.
Face it: The jobs recovery has stalled.
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5 comments:
We are in a depression.
We need to get off of stimulus money. Dollar for dollar, it has a much worse return than private funds(no suprise). The longer we continue to stimulate, the longer we're addicted to it.
We are still in a recession...the so called recovery has never happened. Anyone who watched the race on Fox today and saw all the empty seats would understand...and its not because people have lost interest in Nascar. They (and me) just can't afford to go anymore.
We're in a depression? Im not in a line begging for food like they were in the actual depression. If you are then its pretty cool that you have internet access.
Hope an Change Hope and Change hows that work n out ya
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