Your Friday Morning Dose of Doom and Gloom

Maybe this means I’m bad at my job, but after three years I’ve finally run out of ways to expand “this jobs report sucks” into a half-length column. Instead, I’ll just give you the executive summary.

May’s jobs numbers were so awful, the labor force couldn’t shrink fast enough to keep up.

69,000 new jobs net last month. April revised down to 77k from 115k. Average monthly job creation for last three months, 79k. Trend: Down.

Net jobs needed each month, just to keep up with population growth: About 120k. We’re doing two-thirds of that. In other words, we’re not even treading water anymore.

Obama isn’t working.