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News Consumer ADD Aside, the American Economic Woes Keep'a Coming
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by Mikasi | June 6, 2008 at 08:27 am
210 views | 10 Recommendations | 1 comment
One of the problems with AmericanNews Consumers is that they are affected by some form of AttentionDeficit Disorder - though a story may remain important it is soonforced off the front page by readers/viewers hungry for the nextthing.
June 6 (Bloomberg) -- The U.S. lost jobs in May for a fifth monthand the unemployment rate rose by the most in more than two decades,signaling that the world's largest economy is stalling.
Payrolls fell by 49,000 after a 28,000 drop in April, the LaborDepartment said today in Washington. The jobless rate increased byhalf a point to 5.5 percent, higher than every forecast in aBloomberg News survey, partly because an influx of teenagers into theworkforce exceeded jobs available.
But while the Obama/Clinton road show has kept us allfascinated and a cavalcade of reality shows featuring singing,dancing and infants put into staged (though actually dangerous) videosituations has kept us distracted that doesn't mean the actual newshas gone away.
``Thelabor market is still deteriorating,'' said NigelGault, chief U.S. economist at Global Insight Inc. in Lexington,Massachusetts. ``The story is, we're still on the verge of arecession'' and ``at best, the economy is growing very, veryslowly.''
The Presidential candidates had their sayabout the matter.
``Today's jobs report is deeply troubling,'' Democratic SenatorBarack Obama of Illinois said in a statement today. He said thefigures underscored the need for his proposed reduction in taxes formiddle-income earners. Republican Senator John McCain of Arizonaurged lawmakers to pass legislation helping to stem homeforeclosures.
However, when listening to these fellows it is alwayswise to remember that the problems facing (and yet to approach) uswere started on their watch. Also, it is good to remember thatgovernment can only do so much - and much of that they usually refuseto do (or do right).
While I won't detail it here you shouldread the rest of the article It details where job losses and gainsare coming from.
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Most RecentMost Recommended Comments (1)
at 09:01 on June 6th, 2008
Mikasi, I like this story. Let's see if the candidates and the press can talk about the issues now - like joblessness - rather than gaffes and in-fighting.