Its been a rough week for the Obama Boom. Consumer confidence fell and 1st quarter GDP was revised down to 1.9%. Now the other show has dropped. Only 69,000 jobs were created in May. That’s right, just 69,000 jobs after all this hype that we were enjoying boom times. The unemployment rate inched up to 8.2%. The dropping people from being counted trick didn’t work. These are bad numbers not just for Obama, but for the nation!
The American jobs engine hit stall speed in May, with the economy adding just 69,000 new jobs while the unemployment rate climbed to 8.2 percent.
As another summertime swoon looms, the Bureau of Labor Statistics reported that job creation missed economist estimates for 158,000 new positions.
Labor force participation remains near 30-year lows though incrementally better than last month, rising to 63.8 percent.
The unemployment rate that counts discouraged workers rose as well, swelling to 14.8 percent form 14.5 percent in April.
The report comes a month after the government reported that just 115,000 new jobs were added in April, a number that helped contribute to a general malaise about economic growth.
Even that number was worse than thought: The BLS revised the April number down to 77,000.
With worries swelling over the state of the global economy, another weak employment report in the U.S. adds to fears that a sharp slowdown is on the way.
The average workweek, a closely watched economic metric, slipped by 0.1 hour to 34.4 hours. The manufacturing workweek dropped by 0.3 hour to 40.5 hours, and factory overtime fell by 0.1 hour to 3.2 hours.
All the media’s lies can’t hide the truth. There is no Obama Boom, what we have is the Obama stagnation at best, depression at worse. It will be interesting to see how the Pharaoh and his minions spin these terrible job numbers. This American dream is on life support and this jobs report should be alarming.
Bonus: On a day of bad economic news, Politico runs a post claiming how great the economy is in battleground states!
“Most of the swing states by the third quarter of this year will have a lower unemployment rate than the national average,” said Xu Cheng, a senior economist at Moody’s Analytics who compiled the latest state-by-state economic data and updated Moody’s voting model for POLITICO. “And most of the battlegrounds will be below 8 percent unemployment, which will negate the ‘grumpy voter effect.’” Cheng was referring to data suggesting voters will discount by half any improvement in joblessness if the national rate remains above 8.
The Moody’s model, which accounts for unemployment, historical voting patterns, per capita income and other factors, currently predicts Obama will win at least 26 states and 303 electoral votes. The model is one of the few to forecast voting patterns based on economic statistics and other data. In 2008, it came within 25 votes of Obama’s margin in the Electoral College.
The Obama Boom is the lie that refuses to die. despite bad numbers, the press on a daily basis proclaims an unprecendent age of prosperity. This doesn’t cease to amaze me!