Unexpected! Unemployment Rises to 8.2%

Posted by on Jun 01, 2012 at 8:33 am

Bye bye, Bammy. This is just brutal.

The American jobs engine hit stall speed in May, with the economy adding just 69,000 new jobs while the unemployment rate climbed to 8.2 percent.

As another summertime swoon looms, the Bureau of Labor Statistics reported that job creation missed economist estimates for 158,000 new positions, and said labor force participation remains near 30-year lows.

The report comes a month after the government reported that just 115,000 new jobs were added in April, a number that helped contribute to a general malaise about economic growth.

With worries swelling over the state of the global economy, another weak employment report in the U.S. adds to fears that a sharp slowdown is on the way.

And it will continue until Mitt Romney is elected.

Hey, look over there at the shiny object. Bain!

This is just brutal no matter how you look at it. But how can these “experts” and “economists” be so far off in their forecasts? Not even half of what they expected.

 

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16 Responses to “Unexpected! Unemployment Rises to 8.2%”

  1. NateDogg614 on 1/01/12 at 9:05 am

    Thank goodness that 69K people have a job. But how many people gave up looking? No matter how you spin this one, the job growth trend is moving in the wrong direction for the country.

  2. Ian on 1/01/12 at 9:26 am

    Yet so many people STILL continue to support this imbecile in the White House.
    Proof that the U.S. educational system has also flopped big time…

  3. Reformed Trombonist on 1/01/12 at 9:29 am

    I hate to say I told you so, but…

    http://reformedtrombonist.blogspot.com/2009/03/mel-blount-rule.html

    To summarize:

    1. You change the rules, you change the game.

    2. Economists were trained according to the old rules.

    3. Predictions about how things would turn out based on presumptions that were correct under the old rules no longer necessarily apply.

    4. Economists still do not understand the new rules or their ramifications.

    5. Many economists do not even understand that the rules have changed.

    “…the game has changed so much that you will no longer need to wonder, when ten different economists are trotted out to articulate ten different opinions, which one happens to be right. Now you will know none of them are right. They were all trained in economics as it used to be, the old game, according to the old rules. Those rules are dead. Nobody knows how things will work, or if they’ll work, from here on out. Nobody’s forecasts are worth a dime. Nobody’s advice is worth soliciting. New rules, new game.”

  4. Goetz Goings on 1/01/12 at 10:12 am

    BONUS – The change in total nonfarm payroll employment for March was revised from +154,000 to +143,000, and the change for April was revised from +115,000 to +77,000.

    So news is even worse than advertised.

  5. PJ on 1/01/12 at 10:16 am

    Spin: George W pushed the “down” button instead of “up” on the Job-o-meter Board at the White House yesterday.

  6. Gordon Richens on 1/01/12 at 10:17 am

    “So news is even worse than advertised.”

    It’s likely even worse than just the March and April revisions. BLS revises their nonfarm payroll employment number for each month back for one whole year – but only publicly report the revision for the two preceding months.

  7. Blue Hen on 1/01/12 at 10:37 am

    Gee. I wonder why Bubba himself came out after Deval Patrick and complimented Romney on his business expertise. it’s almost as if some Democrats were (frantically) signalling that drawing attention to this area was not a good thing. Almost.

  8. fred17 on 1/01/12 at 11:05 am

    Just because you’re an “expert” or an “economist” doesn’t mean you’re not also a left wing propaganda artist.

  9. goodspkr on 1/01/12 at 12:22 pm

    Jobs gained December 2011-Feb 2012 670,000
    Jobs gained March 2012-May 2012 266,000

    Not a good trend if you are an incumbent running for reelection to the Presidency.

  10. Sean Hackbarth on 1/01/12 at 1:54 pm

    At some point economists and those that read them will finally realize economics isn’t a predictive science. It’s not physics expect with people. It can explain social phenomena and offer a sense of direction, but Man is too complicated to predicted in any exact way.

  11. Fred on 1/01/12 at 1:55 pm

    Old economist joke:

    Get 3 economists in a room, ask question, get 5 answers, none of which agree.

  12. crackermike on 1/01/12 at 2:02 pm

    Economists have become like “climate researchers”. They spew forth what is expected from them or else they are denied Gov’t grant money or contracts.

  13. teapartydoc on 1/01/12 at 4:45 pm

    One of my sons says that whenever any means of grading is developed, the moment that it becomes the standard way of measuring whatever it was designed to measure is the moment that it begins to decline in value as a measure. It begins to be manipulated for advantage or other reasons and gradually loses value. I guess you could call it the son of teapartydoc law. I can’t see an instance where this logic comes up short.