The newspapers and politicians had a lot to say over the weekend about the disappointing hiring report for May. Only 69,000 jobs were created in May causing the unemployment rate to increase to 8.2% from 8.1%. The unemployment rate also went up because 642,000 Americans resumed their job search. The unemployment data confirms a downshift in hiring that began in May. A net of just 69,000 jobs added in May falls well short of what is required to support a self-sustaining recovery. Both the March and April job reports were weak.
Read More