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Worst U.S. Job Data in a Year Signals Stalling Recovery
|Last Edited||Scott³ Jun 01, 2012 05:37pm|
|Media||Newspaper - New York Times|
|News Date||Saturday, June 2, 2012 01:35:00 AM UTC0:0|
|Description||"A dismal job market report Friday gave a resounding confirmation to fears that the United States recovery has markedly slowed, reflecting mounting evidence of a global slowdown. |
The report, which showed the smallest net job growth in a year and an unemployment rate moving in the wrong direction, was a political game-changer that bodes ill for President Obama as he faces re-election.
It provided traction for his Republican rival, Mitt Romney, at a time when politicians have been deeply divided over the most effective way to strengthen the economy. And it put increased pressure on the Federal Reserve to take further action to stimulate growth.
The United States economy gained a net 69,000 jobs in May, according to the Labor Department. The unemployment rate rose to 8.2 percent from 8.1 in April, largely because more people began looking for work. And there was more unexpected bad news: job gains that had been reported in March and April were revised downward.
Economists can explain away a month or two of disappointing numbers. But this was the third consecutive disappointing monthly performance by the job market, following a winter of solid gains, convincing many that the economic recovery has, for the third year in a row, lost momentum. A few analysts even reintroduced a possibility that dogged last year’s forecasts but did not come to pass: a double-dip recession."