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Two days after Lame Duck President Obama touted the "amazing" growth in our economy, comes the REAL STORY!
Obama's Job Report WORST IN 6 YEARS!
by CHRISS W. STREET 3 Jun 2016 Newport Beach, CA
Despite a forecast of 160,000 new jobs, the Obama Department of Labor announced that job creation in May plunged to 38,000, the worst monthly performance in 6 years.
The May jobs report issued on June 3 came in at 76 percent worse than the Bloomberg average of estimates by 90 Wall Street economists. The addition of just 38,000 workers is the lowest jobs number since September 2010, and is a huge dive from the 123,000 new jobs generated in April.
In a statistical fluke, the U.S. unemployment rate declined by 0.3 percentage points, to 4.7 percent in May, as frustrated American workers gave up trying to find jobs and dropped out of the labor force. The total number of Americans not in the labor force also hit a new high, at 94,708,000.
The terrible economic performance tanked the foreign exchange rate of the U.S. dollar by almost one percent. The stock market, which was up about one half percent in pre-opening trading, tanked a full percent after the employment news.
Employers in May added the fewest number of workers in almost six years, reflecting broad cutbacks that may raise concern about U.S. growth and prompt Federal Reserve policy makers to put off an increase in interest rates.
U.S. annual GDP growth had decelerated from a positive 1.4 percent in the October through December 2015 fourth quarter to just 0.8 percent in the first quarter of 2016. But Wall Street analysts had expected a strong rebound to 1.8 percent for the April through June period. Now, with weak May employment numbers, analysts will slash growth estimates.
http://www.breitbart.com/big-government/2016/06/03/obamas-jobs-report-worst-6-years/
Obama's Job Report WORST IN 6 YEARS!
by CHRISS W. STREET 3 Jun 2016 Newport Beach, CA
Despite a forecast of 160,000 new jobs, the Obama Department of Labor announced that job creation in May plunged to 38,000, the worst monthly performance in 6 years.
The May jobs report issued on June 3 came in at 76 percent worse than the Bloomberg average of estimates by 90 Wall Street economists. The addition of just 38,000 workers is the lowest jobs number since September 2010, and is a huge dive from the 123,000 new jobs generated in April.
In a statistical fluke, the U.S. unemployment rate declined by 0.3 percentage points, to 4.7 percent in May, as frustrated American workers gave up trying to find jobs and dropped out of the labor force. The total number of Americans not in the labor force also hit a new high, at 94,708,000.
The terrible economic performance tanked the foreign exchange rate of the U.S. dollar by almost one percent. The stock market, which was up about one half percent in pre-opening trading, tanked a full percent after the employment news.
Employers in May added the fewest number of workers in almost six years, reflecting broad cutbacks that may raise concern about U.S. growth and prompt Federal Reserve policy makers to put off an increase in interest rates.
U.S. annual GDP growth had decelerated from a positive 1.4 percent in the October through December 2015 fourth quarter to just 0.8 percent in the first quarter of 2016. But Wall Street analysts had expected a strong rebound to 1.8 percent for the April through June period. Now, with weak May employment numbers, analysts will slash growth estimates.
http://www.breitbart.com/big-government/2016/06/03/obamas-jobs-report-worst-6-years/
