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The nation created a mere 54,000 jobs in May as the unemployment rate rose to 9.1% from 9.0% in April. Economists were expecting 175,000 jobs. Stock market futures sank on the news. The average work week was unchanged from April and temporary hiring -- considered a bellwether -- also did not budge. Some economists noted that the Japanese tsunami disrupted some supply chains, such as in autos, and the tornadoes hurt. The U.S. Labor Department rejected the idea that the tornadoes were a factor. The 54,000 is the smallest gain since September. And the government also pared gains previously reported in March and April. The computer-generated births minus death model, which purports to estimate new businesses that aren't picked up in the conventional survey, added a strong 682,000 jobs -- but again, that's not real data, only an estimate. There is a consensus that the economy has hit another so-called "soft patch" -- the second in a very weak recovery from an extremely steep downturn.

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Comments

Twister June 3, 2011 @ 5:49 p.m.

Let the legislators "vote up or down" on public infrastructure improvements (once the debt ceiling to pay the interest on the debt is raised), then explain their vote to the construction industry lobby (why aren't THEY squawking?) and the construction workers, not to mention the places they will have to spend their money across the country. It ain't the GOP of Eisenhower's era!

Those GOP's would rather wreck the economy just to get elected than to save it on the Demo's watch. What a Bo-hoo(eh)ner!

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Don Bauder June 5, 2011 @ 1:16 a.m.

That's political reality. The Republicans have a good chance to win the White House if unemployment stays high, housing stays in the doldrums, etc. Best, Don Bauder

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SurfPuppy619 June 3, 2011 @ 9:03 p.m.

We are looking at a 5-10 year depression. It has already be 4 years, and we are not looking any better than 2007.

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Dave Stewart June 4, 2011 @ 10:09 a.m.

Not quite sure how you figure it's already been 4 yrs. All the markets were ridin' high in 2007 and unemployement was under 5%. It wasn't untill about spring 2008 that enemployment went over 5%. It wasn't until about this time in 2008 that the markets really started heading south and obviously October was the the bottom of the pit, so far. And jobs didn't really start vanishing en mass until later in 2008 and then went off the cliff in 2009, I don't know about 10yrs, but I would say we're 3 yrs into at least 5yrs of misery. The real question is, if Obana gets the boot, quite likely at this point, how much worse will things get?

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Don Bauder June 5, 2011 @ 1:18 a.m.

Officially, the Great Recession started in the fourth quarter of 2007. Best, Don Bauder

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Dave Stewart June 5, 2011 @ 11:50 a.m.

WELL, I guess only 6 months is close enough for government work. Most economists have agreed the recession "officially " began in Decenmber 2007. But it's certainly not a depression. The economic data doesn't define it as a depression, and speaking a bit more pregmatically, between my wife and I,7 of our 8 grandparents are still alive and having lived thru the Great Depression, thay all say this is not even close.

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Don Bauder June 5, 2011 @ 7:41 p.m.

The Great Recession hasn't been anywhere near as bad as the Great Depression of the 1930s, in which the unemployment rate was often above 20% and soup lines were seemingly ubiquitous. Best, Don Bauder

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SurfPuppy619 June 6, 2011 @ 11 p.m.

It's a depression to anyone who has been out of work for more than a year, and that includes millions.......

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Dave Stewart June 7, 2011 @ 9:39 a.m.

I'm sure it is. Much like it is any time someone is out of work fir an extended period of time. However, as I said, according to 7 people who lived thru the Great Depression, what is going on now is not even close. If you are one of those who falls into that category, then you have my sympathies. If not, then maybe you've taken one too many of Jill's Doggy Downers.

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SurfPuppy619 June 5, 2011 @ 2:25 a.m.

Not quite sure how you figure it's already been 4 yrs.

We are a few months short of 4 years.

The depression did not show until 2008, but as Don points out-it officially started in 2007.

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Don Bauder June 5, 2011 @ 8:43 a.m.

But in hindsight, there were signs of a looming disaster before the fourth quarter of 2007. Best, Don Bauder

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Dave Stewart June 6, 2011 @ 9:06 a.m.

As I said December of 2007.

I guess someone has had a bad 3years, 5 months?

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Don Bauder June 6, 2011 @ 10:39 a.m.

With rounding, SP will be right in a couple of months. Best, Don Bauder

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SurfPuppy619 June 6, 2011 @ 11:02 p.m.

Hey, a month here a month there-it all works out in the end....!

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Don Bauder June 5, 2011 @ 1:17 a.m.

I don't know that you would call it a depression. But 5 to 10 years of slow to no significant growth is certainly possible, especially in housing. Best, Don Bauder

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Twister June 6, 2011 @ 10:02 p.m.

This (coming) GFDD $! &#^!+&-Damned Depression will be "deeper" by far, and longer, much longer, than the GD was. And the war to end all wars between US, Israel and Pakistan, Iran, and the rest, and it will drag us deeper, not bail us out.

And you can bet your sweet Bebe on it!

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Don Bauder June 6, 2011 @ 11:51 p.m.

I hope you are wrong. But you may be right. Best, Don Bauder

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Twister June 7, 2011 @ 2:18 a.m.

I definitely hope I am wrong, but "hope is not a strategy," right?

So what IS a strategy?

See: motherjones.com/politics/2011/03/denial-science-chris-mooney

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Don Bauder June 7, 2011 @ 7:11 a.m.

The strategy to protect yourself from such an eventuality is to consume as little as possible, save as much as possible, invest very cautiously for safe income, pay off debt and incur no more -- you get the picture. Best, Don Bauder

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Twister June 7, 2011 @ 10:31 p.m.

Despite a very conservative investment strategy, we still got badly burned in 2008. Proposed bumber stickers for the left, right, and middle: How little is ok? How much is enough? What is FRUGAL?

PS: Don, are you going to do a piece on the budget shell games at City Hall that have stuffed that ugly rabbit back into the hat? What about next year? Have you ever seen such a lineup for mayor? At long last--at long last, have we no sense of decency?

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Don Bauder June 8, 2011 @ 6:46 a.m.

I noticed that Sanders and Faulconer endorsed Dumanis. That's all you have to know about San Diego politics. Best, Don Bauder

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