You need to pulverize the media if they start championing the 4.7% unemployment rate. They are lying to the American people. They are lying to Americans who are out of work and are living paycheck to paycheck.
The media is still protecting Barack Obama and his feckless presidency, and this shameful exhibit of creating jobs for the American people is gladly almost over. Obama criticized GOP nominee on his plan to brings jobs back during a speech in Indiana earlier this week. He doth protest too much doesn’t he?
The U.S. created just 38,000 new jobs in May and nearly half a million people dropped out of the labor force, casting doubt on whether the Federal Reserve will raise interest rates later in June.
The increase in hiring was the smallest since the fall of 2010. Economists polled by MarketWatch had predicted a gain of 155,000 nonfarm jobs.
The number of new jobs created would have been twice as large in May if not for a major Verizon strike that kept 35,000 employees out of work. But the jobs report was still the weakest in at least two-and-a-half years even if there were no ill effects from the strike.
In a surprising twist, the unemployment rate fell to 4.7% from 5% to mark the lowest level since the month before the Great Recession began in December 2007. Yet the decline owed almost entirely to 458,000 people leaving the labor force, usually a sign that jobs are harder to find.
The labor-force participation rate fell for the second month in a row to 62.6%, the Labor Department said Friday.
The poor May jobs report and clear slowdown in hiring could force the Fed to delay plans to raise interest rates in either June or July. The central bank had been poised to raise rates soon amid a raft of other evidence suggesting the economy continues to grow at a modest pace
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