At first glance, Friday’s jobs report was good news. After losing hundreds of thousands of jobs a year earlier, the U.S. created 431,000 jobs in May its best month of job growth since March 2000. The unemployment rate even fell from 9.9% to 9.7%. However, the markets were spooked by the report because 411,000 of the jobs created were Census jobs that will be going away, meaning the U.S. created a measly 41,000 private-sector jobs. Also, economists had called for much more robust overall growth of 513,000 jobs.
Even the drop in the unemployment rate wasn’t a good sign because people dropped out of the job market due to discouragement, a particularly negative sign at this point of a recovery. All in all, the jobs report failed to live up to the hype and provided the bears with more ammo to hammer away at the beaten-down stock market. It also bolstered forecasts for a so-called jobless recovery. READ MORE AT SOURCE
Obama sure was bragging about Friday’s jobs report but what he wasn’t telling the American people was that most of the jobs created were Census jobs that will be going away and next month will not be good at all in new jobs! This president has lied and mislead the American people from day one as president! Time for a change in the White House and yes in congress! Join a tea party today and lets take back our great Nation!