Friday, June 01, 2012

Yes, It's The Economy Stupid

And the Economy is not looking good... The Detroit Free Press: Dismal economic news: U.S. added just 69K jobs in May

The U.S. economy suddenly looks a lot weaker.

U.S. employers created only 69,000 jobs in May, the fewest in a year, and the unemployment rate ticked up.

The dismal jobs data will fan fears that the economy is sputtering. It could also damage President Barack Obama's re-election prospects. And it could lead the Federal Reserve to take further steps to help the economy.

The Labor Department also said Friday that the economy created far fewer jobs in the previous two months than first thought. It revised those figures down to show 49,000 fewer jobs created. The unemployment rate rose to 8.2 percent from 8.1 percent in April, the first increase in 11 months.

Folowing the standard Obama Administration pattern of unexpectedly revising economic numbers downward after releasing them and holding the bad news until a Friday of course.

In other words, the stats were off by a claimed 49,000 jobs that weren't really created, which is statistically pretty darn significant.

Expect a continuing pattern of the administration releasing rosy proclamations about the economy and then walking them back under "revisions" that happen on the regular Friday news dump.

President Obama sure as anything can't run on his record with this economy without lying through his teeth.

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