Bad Jobs Report, Unemployment Rate Inches Up To 8.2%
NYTimes tells me that only 69K jobs were added in May and U6 inched upped to 8.2%:
The United States economy gained a net 69,000 jobs in May, the Labor Department said Friday, a dismal showing that reflected mounting fears of a global slowdown. The unemployment rate rose to 8.2 percent from 8.1 percent in April. Aprilís gain in jobs of 115,000 was revised down to an increase of 77,000.Consider this Reuters article from yesterday anticipating today's report:
The data is not expected to have a major impact on the monetary policy outlook. Economists said it would take a payrolls number below 100,000 to jolt the Federal Reserve into action.
We need fiscal stimulus, not monetary stimulus, imo. We needed more of it in 2009 and 2010. We needed it in 2011. We need it now.
I've said it before and I'll say it again - if Obama loses this election, it will be because of what happened in 2009 and the advice provided him by the incompetent and corrupt Tim Geithner.
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