News
CNN Money | Why the unemployment rate will fall
The unemployment rate could fall in coming months, but don't get too excited.
USA Today | U.S. employers waiting and watching before hiring
Business has picked up. Yet American companies are too nervous to step up hiring.
Washington Times | U.S. hiring likely modest for 3rd straight month
U.S. companies likely hired at a modest pace in May for the third straight month, underscoring the slow but steady nature of the recovery.
NY Times | Obama Turns to Congress for Jobs Help
Stung by a new report showing that the nation’s job market is sputtering, President Obama made a new appeal Friday for Congress to enact measures to revive the economy, not only to shake the United States out of its torpor but to act as a buffer against storm clouds in Europe.
Econ Comments & Analysis
Heritage Foundation | Heritage Employment Report: May Jobs Report Has No Spring in Its Step
Given all of this economic news, the U.S. economy cannot afford the massive tax hikes scheduled for the end of this year. Congress should act quickly to prevent massive tax increases—a genuine Taxmageddon—from further weakening the labor market.
WSJ | Promises, Promises
Actually, according to the Bureau of Labor Statistics, "nonfarm payroll employment changed little in May (+69,000), and the unemployment rate was essentially unchanged at 8.2 percent."
Real Clear Markets | The Hidden Message In Friday's Unemployment Number
The weak showing in May nonfarm payroll jobs - up 69,000 - failed to pass the Bureau of Labor Statistics (BLS) test of statistical significance and so in technical parlance the change was not different from zero.
Forbes | As Unemployment Predictably Rises, the Solution Couldn't Be Simpler
In January, the Congressional Budget Office projected that the jobless rate would rise to 8.9 percent by the end of this year – today’s report bumped it up from 8.1 to 8.2 – and that Gross Domestic Product would increase a mere 2 percent for 2012 and just 1.1 percent for 2013.
Blogs
WSJ | Broader Jobless Rate Jumps to 14.8%
The U.S. unemployment rate ticked up to 8.2% in May and a broader measure rose even more to 14.8%. But the increases belied a slightly positive trend.
Daily Capitalist | Unnatural Disasters: Jobs, Wages, And Savings
The employment numbers that came out today (Friday) were very bad and caught most economists and analysts by surprise. Nothing the Fed has done has worked.
WSJ | Even Mediocre Job Growth Coming From Wrong Places
The number of Americans working full-time fell by 266,000 in May, erasing all the gains of the past three months. The total employment figure only rose because 618,000 more people got part-time jobs.
Calculated Risk | Sluggish Growth and Payroll Employment: An Update
At 200,000 payroll jobs per month, it will take an additional 25 months (June 2014) to get back to the pre-recession level from the current level.
Political Calculations | The Jobs Picture for May 2012
By now, you've heard that the May 2012 jobs report was really dismal. And why wouldn't you think that, especially if you go by the portion of the report that says that the U.S. economy only added 69,000 jobs in May 2012.
