Job gains weaken dramatically: Only 38,000 added in May
The labor market slowed dramatically in May as employers added 38,000 jobs, raising concerns that a sluggish economy is taking a bigger toll on employment and lowering the odds of a Federal Reserve rate hike this month [while] nearly 500,000 Americans stopped working or looking for jobs. The paltry employment gains were the smallest in 5 1/2 years.
Economists surveyed by Bloomberg expected 160,000 new jobs [as] growth for March and April was revised down by a total 59,000.
Ding, Dong, the Obama 'Recovery' is D-E-A-D
Only 38,000 jobs were added to the economy during May, the Labor Department announced in a depressing jobs report, calling into question the strength and success of Obama's so-called "recovery"....
Yet Obama had the audacity to claim just three days ago in Indiana that "by almost every economic measure, America is better off than when I came here at the beginning of my presidency."
"We cut unemployment in half, years before a lot of economists thought we would," he
said [lied]. Despite what Obama would have the country believe, seeing half the unemployed give up their search for work is not the same as finding half of the unemployed jobs.
And after a closer look, the 38,000 jobs number is even more pathetic that it first appears. A full 13,000 of those jobs are government jobs [sic] — jobs [sic] that are an inherent drain on economic productivity as they do not create wealth.
May Jobs Report
⇓ Only 25,000 private sector jobs added
⇑ 94,708,000 Americans not looking for work
⇑ 14,179,000 Americans left labor force since Obama took office
Source: Bureau of Labor Statistics