Weak Jobs Report Pushes U.S. Unemployment Rate To 8.2 Percent

[News_Editor]

Weak jobs report pushes U.S. unemployment rate to 8.2 percent < br />

2012-06-03 02:35:11 GMT+7 (ICT)

WASHINGTON, D.C. (BNO NEWS) -- The private sector in the United States added only some 82,000 jobs last month, signaling the economy's recovering trend is halting, according to a report released by the U.S. Labor Department (DoL) on Friday.

In its May 2012 Employment Situation report, the Labor Department showed that the country's labor market added 82,000 private sector jobs in the month of May, not even close to what economists had earlier predicted. The unemployment rate rose from 8.1 percent to 8.2 percent, the first increase since June 2011.

It is troubling news for U.S. President Barack Obama who is seeking re-election this year but, more importantly, it shows the economy's recovering trend seems to be halting. This is especially noticeable when comparing the May figures to the monthly job growth average of 252,000 between December 2011 and February.

Nonetheless, U.S. Labor Secretary Hilda L. Solis insisted that the labor market continues to recover. "We continue to add jobs to an economy that was once bleeding 800,000 a month under the previous administration," she said, noting that the job market has added more than 4 million private sector jobs in the last 27 months, and for each of the past five months, the country has created an average of 169,000 jobs.

"This is a critical moment, and more must be done to put Americans back to work," Solis stated. "This administration has put forward a number of efforts to support the unemployed and spur more economic growth. Specifically, President Obama has sent Congress a to do list that includes rewarding companies that bring jobs back home from overseas, investing in tax credits for small businesses, creating good jobs for veterans, investing in clean energy manufacturing and expanding refinancing for responsible homeowners."

Republican presidential Mitt Romney heavily criticized Obama for Friday's bad news. "[The] weak jobs report is devastating news for American workers and American families," he said in a statement. "This week has seen a cascade of one bad piece of economic news after another. Slowing GDP growth, plunging consumer confidence, an increase in unemployment claims, and now another dismal jobs report all stand as a harsh indictment of the President’s handling of the economy."

He added: "It is now clear to everyone that President Obama's policies have failed to achieve their goals and that the Obama economy is crushing America's middle class. The President's re-election slogan may be 'forward,' but it seems like we've been moving backward. We can do so much better in America. That's why I'm running for president."

But speaking in Minnesota, Obama said Americans are "still fighting our way back" from the worst economic crisis since the Great Depression. "The economy is growing again, but it's not growing as fast as we want it to grow," he said. "Our businesses have created almost 4.3 million new jobs over the last 27 months, but as we learned in today's jobs report, we're still not creating them as fast as we want."

He continued: "From the moment we first took action to prevent another depression, we knew the road to recovery would not be easy. We knew it would take time. We knew there would be ups and downs along the way. But we also knew if we were willing to act wisely, and boldly, and if we were acting together, as Americans; if we were willing to keep at it; if we were willing to roll up our sleeves and never quit –- then we wouldn't just come back, we'd come back stronger than ever. That was our belief. And that continues to be my belief."

-- © BNO News All rights reserved 2012-06-03

[koheesti]

3.5 years of over 8% unemployment. That makes for a lot of unhappy voters come November.

Edited June 2, 2012 by koheesti

[Scott]

There was an interesting commentary on CNN about the unemployment rate. One of the contributing factors, according to the commentator, was the unseasonably mild winter which allowed a lot of construction work to continue through the winter months. This resulted in some construction being completed and contributed to the lower rise in employment associated with the start of the construction season.

Regardless of that factor, the situation is not improving quickly.

[Ulysses G.]

Sounds like CNN is trying to spin the numbers to make Obama look less guilty. What a surprise.

[chuckd]

After 3 1/2 years, Obama still blames Bush. What a surprise!

He needs to blame Congress, which he has little control over and little interest in negotiating with.

He also needs to blame all those government departments spewing out their endless string of new job killing regulations...over which he does have complete control.

As Harry Truman said..."The buck stops here."

Edit in: Just remembered this article from Yahoo today:

US employers waiting and watching before hiring

By JONATHAN FAHEY and SCOTT MAYEROWITZ | Associated Press – 3 hrs ago

NEW YORK (AP) — Business has picked up. Yet American companies are too nervous to step up hiring.

The economy seems so gripped by uncertainties that many employers have decided to manage with the staff they have. They aren't convinced their customer demand will keep growing. Or they worry that Europe's festering debt crisis could infect the global economy. Or they aren't sure what Congress will do, if anything, about taxes and spending in coming months.

Entire article here: http://news.yahoo.com/us-employers-waiting-watching-hiring-165106062--finance.html

Edited June 3, 2012 by chuckd

[Colin Yai]

3.5 years of over 8% unemployment. That makes for a lot of unhappy voters come November.

Quite true Khoeesti , but to some Americans it would appear that there are far more important Issues at stake here than the Economy

[gudtymchuk]

Just another nail in the Obama re-election coffin.....

[Colin Yai]

Just another nail in the Obama re-election coffin.....

Yeah if Obama is deposed, the "race card" may well be played, which of course never happened when he was elected Edited June 3, 2012 by Colin Yai

[Steely Dan]

Just another nail in the Obama re-election coffin.....

Yeah if Obama is deposed, the "race card" may well be played, which of course never happened when he was elected

You are forgetting the class war card with the hasty expressions of understanding if not outright sympathy for the OWS movement, or indeed the joker, which has certainly been made apparent over the last 4 years.

[TeddyFlyfisherDavis]

Same old same old...Yawn...

[Colin Yai]

Same old same old...Yawn...

http://en.wikipedia....of_Barack_Obama I was referring to the many articles like this I have read over the years ,yeah got to admit the truth is often very boring , especially when some one has a different opinion.or disagrees with it ! Edited June 3, 2012 by Colin Yai

[koheesti]

Edit in: Just remembered this article from Yahoo today:

US employers waiting and watching before hiring

By JONATHAN FAHEY and SCOTT MAYEROWITZ | Associated Press – 3 hrs ago

NEW YORK (AP) — Business has picked up. Yet American companies are too nervous to step up hiring.

The economy seems so gripped by uncertainties that many employers have decided to manage with the staff they have. They aren't convinced their customer demand will keep growing. Or they worry that Europe's festering debt crisis could infect the global economy. Or they aren't sure what Congress will do, if anything, about taxes and spending in coming months.

Entire article here: http://news.yahoo.co...2--finance.html

The first time there was a spike up in the employment numbers under Obama was in 2010 - immediately after the Republican/Tea Party victory in November.

I guarantee that if Romney wins in November, you'll see the largest spike in hiring since the Bush years. It's common sense - an anti-business, pro-socialist, never-held a real job in his life President is not going to encourage business owners/employers like a pro-business, capitalist, worked his whole life President.

[how241]

The real rate is much higher. The gov't plays games with the #'s. Same old story.

[koheesti]

You are forgetting the class war card with the hasty expressions of understanding if not outright sympathy for the OWS movement, or indeed the joker, which has certainly been made apparent over the last 4 years.

OWS? Yeah, they are showing their true colors, aren't they? Just look at their official website and count how many times the words "comrade" and "manifesto" appear. http://occupywallst.org/

Like I said on Day One, it is just the old International A.N.S.W.E.R. socialists under a new name trying to bring down capitalism and Obama jumped on board from the beginning. Shameful for a US President.

Edited June 3, 2012 by koheesti

[Jingthing]

The real rate is much higher. The gov't plays games with the #'s. Same old story.

Yes, but that happens in ALL administrations.

[koheesti]

The real rate is much higher. The gov't plays games with the #'s. Same old story.

Yes, but that happens in ALL administrations.

Yeah, but for most of the Bush years the gov't was saying it was 4.7% when it was really 6%. Either sounds pretty good nowadays.

[Ulic]

It will be an exceptionally interesting election

[Jingthing]

It will be an exceptionally interesting election

Yes, and exceptionally NASTY as well.

[Pakboong]

Romney received 62% of the Republican primary in Brazoria County, Texas, Brazoria County is Ron Paul's home county and with this kind of happening would anybody be surprised if Romney got 62% of the Black vote from Obama? Something is seriously wrong here and nobody seems all that bothered by it. There can be no democracy under these conditions.

[Jingthing]

Romney received 62% of the Republican primary in Brazoria County, Texas, Brazoria County is Ron Paul's home county and with this kind of happening would anybody be surprised if Romney got 62% of the Black vote from Obama? Something is seriously wrong here and nobody seems all that bothered by it. There can be no democracy under these conditions.

No idea what you are talking about here. Obama will get over 90 percent plus of the black vote just like in 2008 and you can bank on it. The problem for Obama for all of this base is going to be enthusiasm and TURNOUT. Obama ALSO got overwhelming support from both Jewish Americans and Gay Americans, and will so AGAIN.

[Ulysses G.]

Many Jews - rightly - think that Obama wants to throw Israel under the bus, so I would not count on them too much.

[Jingthing]

Many Jews - rightly - think that Obama wants to throw Israel under the bus, so I would not count on them too much.

Give me a break. Republicans try to sell that stuff every election and it never works out for them. American Jews are OVERWHELMINGLY liberal and democratic, and nothing has changed. Most American Jews are NOT Israel firsters (Israeli Jews are and SHOULD be) and it is offensive to suggest they vote only on one issue. Thrown under the bus is stretching it too. Edited June 3, 2012 by Jingthing

[lannarebirth]

• Regardless of what the government reports, these statistics are much more in tune with people's personal awareness of unemployment.
  

http://www.shadowstats.com/alternate_data/unemployment-charts

[Ulysses G.]

Most American Jews are NOT Israel firsters (Israeli Jews are and SHOULD be) and it is offensive to suggest they vote only on one issue.

Of course they are not Israel first, but that does not mean that they do not support a homeland for the Jewish people and of course there is also the issue that Obama is completely destroying the American economy.

As far as Jews voting for Obama, do not forget what happened in District 9.

Republican Bob Turner's upset victory in Wednesday's special congressional election will be portrayed as a repudiation of Obama's policies toward Israel.

http://www.haaretz.com/jewish-world/new-york-s-district-9-hands-obama-a-jewish-thumping-1.384385

Edited June 3, 2012 by Ulysses G.

[Jingthing]

Most American Jews are NOT Israel firsters (Israeli Jews are and SHOULD be) and it is offensive to suggest they vote only on one issue.

Of course they are not, but that doess not mean that they do not support a homeland for the Jewish people and of course there is also the issue that Obama is completely destroying the American economy.

Different issues here:

1. Yes American Jews support Israel's right to exist as a Jewish state

2. No, Obama hasn't been so bad on Israel that he will lose his expected majority Jewish vote. Not gonna happen.

3. No, Jews won't abandon their home in the democratic party because the economy is bad.

Enough about Jews for now, OK?

Edited June 3, 2012 by Jingthing

[Scott]

Stay on topic.

An off-topic post has been deleted.

Edited June 3, 2012 by Scott

[TeddyFlyfisherDavis]

Same old same old...Yawn...

http://en.wikipedia....of_Barack_Obama I was referring to the many articles like this I have read over the years ,yeah got to admit the truth is often very boring , especially when some one has a different opinion.or disagrees with it !

Agreed...I'm with you on this one...

[Scott]

This will be the last warning: This topic is about unemployment.

Further off-topic postings will result in suspensions.

Stay on-topic.

[chops]

I'm glad I'm not there!

[Colin Yai]

I'm glad I'm not there!

Yeah Chops Quite true ,but the curse of Unemployment is far worse in Europe ,one only has to look at the dreadful figures in Spain alone ,but in the US it would appear for some there are far more important issues at stake than the Economy or indeed the current bleak Unemployment figures , Which is hardly awe inspiring for the Worlds #1 economy is it? Edited June 4, 2012 by Colin Yai