U.S. Jobs Report For May A Disaster – – Only 38,000 New Jobs Created
The U.S. Labor Department has issued its employment data for May, and it is an unmitigated disaster. A mere 38,000 new jobs — many of them part-time — were created, while the supposedly stellar jobs numbers for previous months were revised downwards. This is an appallingly bad employment report, yet the same Labor Department claims that the unemployment rate in the United States actually declined to 4.7 percent
It should be recalled that to keep pace with population growth, the American economy must add at least a quarter of a million new jobs each month. If the result of a dismal 38,000 jobs in May is a supposed decline in the unemployment rate in the U.S., the only explanation is that many discouraged job seekers have supposedly “left” the work force, meaning that they are no longer considered by the Labor Department to be unemployed.
The jobs report for May, a disaster by any definition, explains the official and unofficial realities of the U.S. economy in 2016. The Obama administration maintains that the employment situation in the country is excellent; the data , devoid of spin, displays the exact opposite.
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