 |
| Steve Catalino @ Townhall |
Unemployment headed back in the wrong direction in May to 8.2%, with only a pathetic 69,000 jobs created. With all the folks that gave up looking for work in the last couple years -as many as 88 million people- some think actual unemployment numbers are in the low-to-mid teens (!) If you care to venture into such forlorn labor markets as -say- Detroit, those seeking the truth need to think in terms of fifty percent unemployed... and a median home value now standing at a mere $6000.
But this latest bad news for the Obammunist regime comes on the heels of downgrades in the previous two month's numbers. This means an average of 76,000 jobs/mo created so far this year... when economists say we need cca 100-150,000/mo. just to keep up with population growth:
Boston Globe:
“The labor market is clearly deteriorating,” Hugh Johnson, chairman and chief investment officer at Albany, New York-based Hugh Johnson Advisors LLC, whose payrolls projection of 75,000 was the closest to the May reading among economists surveyed by Bloomberg. “Confidence in the economy is declining. Businesses are extremely reluctant to add workers when there’s so much uncertainty.”
As reality hits hard, Wall Street of course tanked yesterday... betting on hopenchange isn't going to cut it for that crowd. And partially because of Europe, it's starting to look like Obama's dumb-luck has at long last run out... and there's no way he's going to ride the economy to re election- it's simply not going to be there for him.