May Unemployment Rises to 9.1%

[Ape]

WASHINGTON (AP) — Employers hired only 54,000 new workers in May, the fewest in eight months, and the unemployment rate rose to 9.1 percent.

The Labor Department report offered startling evidence that the U.S. economy is slowing, hampered by high gas prices and natural disasters in Japan that have hurt U.S. manufacturers.

The pace of hiring has weakened dramatically from the previous three months, when the economy added an average of 220,000 new jobs. Private companies hired only 83,000 new workers in May – the fewest in nearly a year.

I don't care if you are a Liberal or Conservative, Republican or Democrat, Anarchist or Commie, this has got to be getting old for everyone.

http://www.theblaze.com/stories/may-unemployment-rises-to-9-1/

 

[Schadenfroh]

Crap, this is making that mediocre job offer I got yesterday look great...

I suspect consumer confidence is about to take another nose dive and we will end our recovery...

 

[Doc Savage Fan]

We need another "stimulus package" to fix this...a really big one. /s

 

[Zen0]

There is no recovery for atleast 5 years, so many fools thinking such systemic damage can be fixed faster than it was caused.

 

[CycloWizard]

There is no recovery for atleast 5 years, so many fools thinking such systemic damage can be fixed faster than it was caused.

The government's only solution is to throw money at the problem rather than addressing any of the underlying causes.

 

[CalvinHobbes]

Too bad there's not a bunch of executives losing their jobs, just more of the grunts.

 

[GT1999]

Keeping all my money in the bank... looks like I'll be waiting to pay off my car to keep that extra money stashed away in case things go bad (ie, I lose my job...). God knows it has to be tough to find a new one right now.

 

[CalvinHobbes]

God knows it has to be tough to find a new one right now.

Depends on where you are but yeah, some places it's terrible. Where I live there are tons and tons of jobs available, at least in IT.

 

[Engineer]

People afraid to spend (ones that have jobs), high gas and daily needs (food, etc) prices (and rising)....jobs leaving our shores for cheaper pastures.....stagnant wages for a decade....huge deficits and debt (government and people)...bubble after bubble....

this is what you end up with.

 

[Jaskalas]

Beware the Boom, for it precedes the Bust.

Who would have imagined that our prosperity was also our downfall? Roaring 20s... Roaring 90s... all the same. Now can we officially call this a depression? It is also currently a great depression, but it can also grow into an economic collapse if we let it.

 

[wayliff]

Where are those jobs that were supposed to spawn by keeping the tax cuts in place? eh?

I am not trying to be partisan here...I simply do not agree with this logic.

 

[fskimospy]

We need another "stimulus package" to fix this...a really big one. /s

I'm glad we agree.

 

[Zebo]

Green shoots to down the shoots.

 

[Martin]

I have an idea, let's cut taxes for the wealthy! I know it didn't work the previous 20 times, but it's sure to work this time around!

 

[uclaLabrat]

The government's only solution is to throw money at the problem rather than addressing any of the underlying causes.

What do you think the underlying causes are?

 

[Medellon]

I have an idea, let's cut taxes for the wealthy! I know it didn't work the previous 20 times, but it's sure to work this time around!

You need to start reading Thomas Sowell, he will open your eyes on tax cuts for the rich and what happened when they we raised and cut on the wealthiest Americans.

 

[Dr. Detroit]

Where are those jobs that were supposed to spawn by keeping the tax cuts in place? eh?

.

The way I understand it is "taxes" are another piece of the uncertainty in Govt and businesses refuse to act when there is uncertainty. If Obama pledged no tax changes for the next 5yrs than businesses could plan.


I like the idea of lowering the repatriation tax to 15% for 1-year to see if business bring back in cash and spend on hiring.

 

[rudder]

Unemployment in the illegal immigrant demographic must be at 3.2% I drive through a neighborhood everyday that had 3 houses built in the last 2 months and four more under construction. All the construction crews are likely illegal workers.

 

[Paul98]

At least this isn't because more people lost there job than got a job. But the rise is mainly due to more people looking for work than before. Now a hell of a lot more jobs need to be created but at least we aren't losing more jobs than are being created. Still bad news, but at least those who currently have jobs shouldn't be so worried about losing the job. well unless they work for the government.

 

[umbrella39]

Where are those jobs that were supposed to spawn by keeping the tax cuts in place? eh?

I am not trying to be partisan here...I simply do not agree with this logic.

The GOP controlled Michigan is pulling the same thing on the State level here. Giving every dime we have in Michigan to big business to spur job growth. We all know that tax cuts don't create jobs, demand and having customers who can actually buy your product/service does.

 

[CADsortaGUY]

We need another "stimulus package" to fix this...a really big one. /s

exactly, the first ones worked oh so well, lets keep trying - it's bound to work sooner or later.... right?
/s

 

[dmcowen674]

exactly, the first ones worked oh so well, lets keep trying - it's bound to work sooner or later.... right?
/s

This started under your hero Bush and Obama failed at trying to fix it.

How would your next Republican hero fix it?

 

[CADsortaGUY]

This started under your hero Bush and Obama failed at trying to fix it.

How would your next Republican hero fix it?

I am not a fan of any of the supposed "stimulus" or bailouts. It's quite obvious there needs to be a correction instead of trying to the same old failed BS that just delays the pain and actually makes the situation worse.

 

[Doc Savage Fan]

exactly, the first ones worked oh so well, lets keep trying - it's bound to work sooner or later.... right?
/s

Meanwhile...Moody's is threatening to reduce our debt rating.

 

[CycloWizard]

What do you think the underlying causes are?

Most of them start with a "g" and rhyme with "overnment." For example:

1. Regulate that people who don't deserve mortgages must get them. Shocking outcome: these people don't pay back their loans, tanking the housing market not only for themselves, but for those of us who had good credit and paid our bills.

2. Anti-business political bellowing generated huge amounts of uncertainty. Shocking outcome: people like me who were thinking of starting a small business couldn't afford the huge gamble without knowing the extent we would be thrown under the bus if all of this rhetoric were actually institutionalized. Therefore, we didn't hire anyone, generate new products and revenues, and didn't improve the quality of life of people who might have used our products.

3. Bailouts of large corporations. Shocking outcome: huge corporations that should have died stuck around, clogging up the marketplace for small, more agile businesses that would have created more jobs and ideas to bear.

There are others, but hopefully you get the idea.