Unemployment rises to 9.1%
"NEW YORK (CNNMoney) -- In yet another alarm bell of a weakening U.S. economy, the job market took a disappointing turn in May.
The economy gained a mere 54,000 jobs in the month, a significant slowdown from 232,000 jobs added to payrolls in April, the government reported Friday.
The report was a major disappointment to economists who were expecting a gain of 170,000 jobs, according to a CNNMoney survey. Most believe the economy needs to add about 150,000 jobs a month just to keep pace with population growth.
"It is now pretty clear that the economy ran into a brick wall last month," said Paul Ashworth, chief U.S. economist for Capital Economics, in a research note. "The extent of this slowdown is becoming a big concern."
Businesses added 83,000 jobs in May, well short of economists' forecast of a gain of 190,000 jobs for the private sector. It was the weakest level of business hiring in 11 months and comparable to the disappointing report by payroll processing firm ADP earlier this week that estimated a gain of only 38,000 private sector jobs."
Source: (complete article)
http://money.cnn.com/2011/06/03/news....htm?hpt=hp_c1
Is it still Bush's fault or are we ready after ~2.5 years to admit that the community organizers policies are at best just not working to improve the economy?
