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Geez......this Is Freaking Terrible


Peyton
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All Politics aside, I just feel lucky to have a job these days.

http://www.latimes.com/business/money/la-fi-mo-economy-jobs-20120601,0,4574904.story

WASHINGTON -- The nation's unemployment rate rose for the first time in nearly a year, to 8.2% in May, as the economy added a disappointingly small number of jobs for the third straight month.

The government said Friday that employers created on net just 69,000 jobs last month -- less than half of what analysts were expecting. What's more, the Labor Department revised downward the job-growth numbers for the prior two months, putting the average monthly job growth at 96,000 for the last three months. In the prior three-month period, from December to February, the economy added an average of 252,000 jobs a month.

The May jobless rate ticked up from 8.1% in April, after steadily declining since last August, when the unemployment figure was 9.1%.

The latest data are certain to heighten fears that the economy has slipped into a dangerous spring stall similar to the prior two years -- and it could create trouble for President Obama and his reelection bid. The president is today scheduled to visit a Honeywell manufacturing facility in Minnesota, where he is expected to talk about creating more job opportunities for veterans.

With Europe still on the ropes with its debt problems, and the big economies in China and India slowing, global economic growth is weakening and presents a serious threat to the American economy. The government said Thursday that U.S. gross domestic product, or economic output, grew at a sluggish 1.9% annualized rate in the first quarter.

Friday's jobs report showed weakening activity in a wide variety of industries. Construction payrolls, which got a lift from the unseasonably warm winter weather, fell by 28,000 in May. Hiring stalled at professional and business services, which include many higher-paying jobs, such as accounting and engineering services. Government continued to shed jobs, eliminating an additional 13,000 jobs last month. Job growth in manufacturing slowed to 12,000 after adding 42,000 jobs a month on average in the first quarter.

The only major bright spots were in transportation and warehousing, which added 36,000 jobs last month, and in healthcare and social-assistance businesses, which beefed up payrolls by 34,000.

For all private-sector workers, the average workweek slipped a notch to 34.4 hours last month. And the average hourly earnings in May rose by just 2 cents, to $23.41. That's an increase of 1.7% from a year ago, less than the annual inflation rate.

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many of us said that the upswing had a lot more to do with seasonal work than any decent permanent jobs

Unfortunately, and I've said this many times, I think the only way we recover is to drive the energy prices down. All this bad news will at least accomplish that, to a degree. The problem is that every time the country makes a little progress, energy prices skyrocket again.

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Is the economy ever really good for more than a few years at a time?

I read old articles, and eve Archives on usenet, and the story always seems to be the same.

Screwed up economy again, again, and again.Even with a decent boom, like the tech bubble of the 90's, it always seems to crash hard eventually.

Does our economic system even work?

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Is the economy ever really good for more than a few years at a time?

I read old articles, and eve Archives on usenet, and the story always seems to be the same.

Screwed up economy again, again, and again.Even with a decent boom, like the tech bubble of the 90's, it always seems to crash hard eventually.

Does our economic system even work?

It has for me and will for you as long as you persevere to work hard

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Guest Deisel

By JOSH MITCHELL

Feeble hiring by U.S. employers in May added gloom to an already darkening picture of the economy, which appears to be joining Europe and Asia in a spreading slowdown.

Employers added a seasonally adjusted 69,000 jobs last month, the smallest increase in a year, while numbers for the two prior months were clipped by a combined 49,000. The politically salient jobless rate ticked up—to 8.2% from 8.1% in April—and the report quickly became a flash point for a presidential election focused on the job-creating bona fides of the candidates.

060112hubamjobs_512x288.jpg

The U.S. economy added just 69,000 jobs in May, less than expected, and the unemployment rate rose to 8.2%. Phil Izzo and Sudeep Reddy have details on The News Hub. Photo: AP.

Jobs were only one of the disappointing numbers out Friday that fueled anxiety about the U.S. economy. A separate report showed manufacturing growth cooled in May, with troublingly sharp drops in both production and exports. Another report showed consumer spending rose in April, but by more than incomes, suggesting the risk of consumers struggling to keep spending.

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Is the economy ever really good for more than a few years at a time?

I read old articles, and eve Archives on usenet, and the story always seems to be the same.

Screwed up economy again, again, and again.Even with a decent boom, like the tech bubble of the 90's, it always seems to crash hard eventually.

Does our economic system even work?

Not lately.

Your point is well taken, but it seems like we are overdue for a decent boom.

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