Economist Jim Pethokoukis tweeted out this months jobs report, and it isn’t good. Only 69k net new jobs were created with total private sector jobs only rising 82k. He also points out that U6, the unemployment rate that includes everyone, rose from 14.6% to 14.8%.
Be sure and read his final tweet in the list below:
BREAKING: Jobs Report: 69k net new jobs | Unemployment rate 8.2% #nfp
— James Pethokoukis (@JimPethokoukis) June 1, 2012
HUGE MISS
— James Pethokoukis (@JimPethokoukis) June 1, 2012
Private sector jobs growth up just 82,000
— James Pethokoukis (@JimPethokoukis) June 1, 2012
Let the panic begin …
— James Pethokoukis (@JimPethokoukis) June 1, 2012
April revised down to 77,000
— James Pethokoukis (@JimPethokoukis) June 1, 2012
U-6 surges to 14.8% from 14.5%
— James Pethokoukis (@JimPethokoukis) June 1, 2012
The number of long-term unemployed (those jobless for 27 weeks and over) rose from 5.1 to 5.4 million in May.
— James Pethokoukis (@JimPethokoukis) June 1, 2012
Spring Swoon: Average monthly gain was 226,000 in first quarter vs. 73,000 in April and May
— James Pethokoukis (@JimPethokoukis) June 1, 2012
Recession Watch: When you have a year of sub-2% GDP growth like in 2011, recession follows within a year 70% of time
— James Pethokoukis (@JimPethokoukis) June 1, 2012