The May labor statistics are out. The numbers? Just 38,000 jobs increase, well below the >100K predicted and the worst in ~5 years according to CBS Radio. The labor participation rate decreased to 62.6%. The dry-read release from the BLS has the numbers. 4.7%? Really? The only way the unemployment rate can drop is with people dropping out of the labor market. Reread the numbers. www.cnbc.com/2016/06/03/what-hillary-can-do-after-the-crummy-may-jobs-report.html]CNBC is more blunt.[/url] And POTUS touts his stellar 7.5 year economic recovery.
Horrible. Left-leaning economist and former Obama team member Austan Ghouls-bee was on the news this morning saying that this should eliminate any further rate hikes this year.
"And we can see the results not just here in Elkhart, but across the nation. By almost every economic measure, America is better off than when I came here at the beginning of my presidency. That’s the truth. That’s true."—Barrack Hussein Obama, June 1, 2016, Elkhart, Indiana. Good God.
Expanding on JR's comment, I see now even left wing leaning Bloomberg is decrying the torpedoed plans of the Fed to raise rates in June. Short-term Treasuries sank like a stone (second graph). Incredible. http://www.bloomberg.com/gadfly/art...deral-reserve-is-as-clueless-as-everyone-else I'm waiting for POTUS' Monday press conference when he blames Bush. Will it happen? Or will Jarrett send out the minions to the Sunday news/talk shows? Spin at work? We shall see.
I love the left's new spin on the low labor participation rate - they say it's because 10,000 people a day are retiring. As if no one or almost no one ever retired prior to Obama becoming president. They also greatly overstate the control a sitting president has over things - and credit Obama for positive things that are 100% private sector - such as the drilling and fracking on private lands that was the one thing that enabled positive job numbers during Obama's first term. They also wrongly credit him for Bernanke and Pauslon's actions before he even took office. The recession was over within a short time of him being in office, and of course the left thinks it was caused by Bush and ended by Obama. And of course they blame Bush for the bad things such as sluggish growth over 7 years later. As much as they wrongly credit Obama rather than the Fed for the stock market surge, they don't realize that after 7 years of zero interest rates, we'd probably be at 25-30k on the Dow instead of 18k if not for all of the stifling regulations such as the ACA and Dodd-Frank. It was the government's idea 40 years ago that EVERYONE should have the "right" to own a home (regardless of ability to pay back the loan) that led to the mess of '08. And the expansion of the Community Reinvestment Act pushed by Ol' Bill that forced banks to lend to minorities regardless of income, credit history, stability, etc. I know because I worked in the mortgage industry in the late 90's and early 00's. And when all of the government meddling leads to disaster, they'll just turn around and blame Wall St. And the heads of those financial institutions will still support them come election time out of fear and as repayment for bailing them out.
Re jobs, other things that are quite telling are that fewer businesses are opening than closing for the first time ever, and that wages are flat in the last two decades - including the last 8 years. So many of the jobs added have been government jobs and regulatory jobs that are needed in the private sector to keep up with all of the added regulations. And most other jobs added are part time low wage jobs. Ghouls-bee was also saying that the surge in food stamp recipients is due to the rules being changed making it easier to get them - as if that is also something to brag about.
