May unemployment up to 9.1%

Rick Moran
Expecting gains of 170,000 jobs in May, economists woke up to the news this morning that the unemployment rate had ticked up to 9.1% with only 54,000 jobs being added to the rolls. New York Times: The Labor Department reported on Friday that the United States added 54,000 nonfarm payroll jobs last month, following an increase of 232,000 jobs in April. May's job gain was about a third of what economists had been forecasting. The unemployment rate ticked up to 9.1 percent from 9.0 percent in April. "Living here in Washington, in the past few weeks there has been all this talk about deficits and the debt ceiling as though that were the biggest problem right now," said Heather Boushey, a senior economist at the Center for American Progress, a liberal research organization. "My fervent hope is that this shocks policy makers into realizing the most urgent problem in front of us right now is jobs." The gentleman is right but I doubt we would agree with his solution - a bigger, better, more...(Read Full Post)

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