check it out...U.S. Adds Jobs in May, but Private Hiring Disappoints
so... not good news, for sure, but certainly not disastrous either, right...?A shadow fell across America’s economic recovery on Friday, as the Labor Department’s monthly report showed that private sector job growth was considerably weaker than expected.
The headline numbers suggested a reason to be optimistic — employers added 431,000 jobs and the jobless rate fell to 9.7 percent from 9.9 percent in April.
wrong...But the underlying numbers showed that almost all of the job growth came from the 411,000 workers hired by the federal government to help with the Census. Most of those jobs will disappear in a few months.
By contrast, the private sector created 41,000, far short of expectations of 150,000 to 180,000 jobs. And the number of long-term unemployed, those who out of work for 27 or more weeks, remained at its highest rate since the Labor Department began collecting such data in the 1940s.
how about a headline a little bit more in line with the truth, like this one for instance...
Long-term unemployment remains highest since the 1940s
our precious stock market isn't easily fooled, however...The markets were sent skidding immediately after the opening, after the Labor Department’s report on job growth in May fell short of expectations.
[...]
The Dow Jones industrial average closed below 10,000 for the third time this year, ending at 9,931.22, down 324.06, or 3.2 percent. It was the Dow’s lowest close in almost four months. The Standard & Poor’s 500-stock index was down 3.4 percent, and the Nasdaq composite declined 3.6 percent.
ya gotta love that "short of expectations" part... no shit...
but it ain't only the labor market stats that are weighing things down... no sir...The euro also continued its decline, dropping to less than $1.20 on concerns about the fiscal troubles in Europe.
While the markets have been bedeviled for weeks by worries mostly over debt problems in Spain, Portugal and Greece, the boundaries of the problem shifted to Hungary after its government sent worrying signals about its finances. Investors fled the country’s assets, and the euro slipped to $1.1992 in afternoon trading in London, its lowest level since March 2006.
our so-called news media, no doubt responding to the urging of our super-rich elites, continue to try to paper over the deepening world financial crisis... but no matter how much they try to soft-pedal it, things just ain't gettin' better...Labels: Euros, financial markets, financial meltdown, Greece, Hungary, Portugal, Spain, stocks, unemployment
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