UNEXPECTEDLY! Jobs Growth Slows to 54,000, May Unemployment Rate Up To 9.1 Percent.
UPDATE: Jeff Carter on what it means: “The effects of the crony capitalism economy are being seen in unemployment numbers. Obamacare, Dodd-Frank, huge unchecked runaway bureaucracy. It has created ‘The Great Uncertainty’. We are seeing people get frustrated and drop out of the work force. If you are a history major, check out charts from 1937-40. They might repeat themselves.”
ANOTHER UPDATE: “Chronic unemployment continues to rise, and continues to comprise a greater part of the unemployed as well.”
Plus this: “The number of unemployed in the workforce actually rose by almost 170,000, while the number of Americans not in the workforce fell by 105,000. That’s why the unemployment rate rose in this report. However, the workforce level in May 2011 is still more than 500,000 fewer people than a year ago, when the Obama administration tried selling its ‘Recovery Summer’ campaign.”