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Latest jobs report

June 1, 2012 @ 8:55 am (Updated: 9:05 am - 6/1/12 )

"Bummer, bad report all the way around," said economist Mark Zandi. "There's no hiding, this is a pretty bad report."

Not happy news. Except maybe for Mitt Romney's campaign manager.

Net new jobs in May came in at a pathetic 69,000, and not only that, the employment numbers for March and April were revised downward.

And when that happens, consumer don't want to spend, which is the message of the Labor Department's other report released Friday.

"With the jobs numbers coming in pretty weak, it does suggest that we're not going to see a real strong summer season."

And yet, here's the strange thing, something else that economist Mark Zandi said: "If you look at American companies, they're in pretty good shape."

And the real picture is different.

"The reality is I don't think this is reality. I think the economy is stronger than this and that will shine through in the coming months."

In fact, if you call up Jennifer Grasz at career builder, she says, "I have companies like FirstGroup hiring over 10,000 workers in transportation. Wells Fargo hiring over 4,500 workers in financial services."

She just goes on and on with all the jobs out there: "AIG, CoinStar, Liberty Mutual."

And the health care jobs, over 340,000 new health care jobs since the beginning of the year.

"Community Health has 4,000 jobs open from everything from nurses to administrative positions," said Grasz.

OK. Cut it out. You're making us all feel like slackers.

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Comments (51)


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  • Chuck Gould wrote...
    It's always fashionable to blame politicians for the economy.....
    June 1, 2012 8:33 am
    but we are experiencing a systemic reset of the entire paradigm. The old model doesn't apply because these aren't "old times", and old times won't be back again.

    Regardless of the party in power, the relocation of our manufacturing interests to foreign countries along with the hyper-productivity in the clerical and calculation professions facilitated by computers has permanently reduced the demand for workers in the United States.

    We can only spend so much to hire one another to perform "services", and most jobs in the service sector pay very, very, poorly. As more family wage jobs are replaced by subsistence wage jobs consumer demand additionally contracts- and the cycle continues.

    As this is an election year, nobody is going to accept a redefinition of "full employment" in this country- but: 10 or so years ago we used to hear that if the unemployment rate got down to about 4% we had achieved "full employment". I think that the economy has evolved, the population has aged, and the demand for most consumer goods slackened off to the point where full employment will still leave about 6% of the workforce trying to find a job.

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  • SONAR GOD wrote...
    Close
    June 1, 2012 9:11 am
    While i agree with the direction of your post i think you have a few things wrong like service jobs many pay very well, also saying that the demand for workers is permantly reduced is a little on the fatalist side.
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  • Seattle is a cesspool wrote...
    A few things wrong?
    June 1, 2012 9:17 am
    I think that Dave is in the early stages of dementia or retard Luke is rubbing of on him.
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  • kata wrote...
    essentially
    June 1, 2012 9:18 am
    what you're saying is we've peaked? I've often wondered what would happen without a "bubble" to carry the job market. I also wonder what the world will look like if world economy hits that same ceiling and can't find a way to break it. Cultures that still accept multi-generational homes will probably do better. Other paradigms will also suffer a beating, I'm sure.
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  • delvin wrote...
    i have been told by CEO's that Obamacare creates uncertainty re what an employee will cost.
    June 1, 2012 9:35 am
    Alo, many not all ceo or business owners think that the Obama administration is anti-business. Many Boeing execs certainly think this. My opinion for Obama is too focus less on the poor and people who do nothing to boost the economy and focus on stimulation of business, small, medium and large. Face it, some poor people are always going to stay poor, they lack the desire to change.
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  • rational wrote...
    Chuck Gould
    June 1, 2012 6:12 pm
    Blaming an ecnomic paradigm shift...well, that's at least fresher than blaming Bush.

    I would agree that the paradigm is shifting some, but it's really rampant regulations and uncertainty that is miring business in a malaise.

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  • ron prevost wrote...
    CG (and Dave). Politicians, of course, can not turn the economy on or off
    June 1, 2012 7:10 pm
    But policies can an do influence direction. Quite often, simply doing nothing and letting the economy recover on its own works. But ...

    Yes, most of our high paying manufacturing jobs are gone, but high tech still pays very well, thank you. And health care also pays quite well, most of the time. Still, a lot of today's employment produces nothing, and that is always bad. Actual production is the basis of all economy.

    I suppose we - all of us - wouldn't blame politicians so much if they didn't always take credit for good economic times. .. And if there IS blame, this month is especially bad. While at least 200,000 new jobs are needed each month just to stay even, and a disappointing 165,000 were expected, the actual report is only 69,000.

    Maybe that's why Oz is talking about everything BUT jobs. If it's the economy, stupid, he's toast.

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  • Forrest wrote...
    The key to a good economy is not lower taxes for the wealthy (or anyone else).
    June 1, 2012 8:58 am
    Because the job creators are not the wealthy. When the middle class is flush with cash, they buy goods and services. When the middle class wants to buy goods and services, entrepreneurs step in to fill the demand. A vibrant middle class is what built this country and is now fueling the economy of India and China.
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  • Top Grunt wrote...
    Low taxes and everyone paying
    June 1, 2012 9:34 am
    Not just talking about the rich here I know how much they pay, I know that I pay every year and I am not rich. What gets me is that there are people who get more back than they paid into the system and, then there are those who pay nothing at all and live off the rest of us. When you get unemployment you have to pay income tax, but do those who get welfare have to pay no, and they can file income tax and get money back.
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  • HLC wrote...
    I would agree with Forrest and that scares me.
    June 1, 2012 9:43 am
    Also I would add that businesses are not going to hire people when the white house every other is threatening to raise taxes or add regulations to deal with. This administration is the biggest business killing machine in history unless your a bank or insurance co. We can right the ship in November. When you look at new unemplyment sign ups every week and job creation numbers for the month, things are going in the toilet fast no matter how much obam claims differently. Real unemployment close to 20%.
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  • Rick (4) wrote...
    @HLC
    June 1, 2012 1:23 pm
    Real unemployment close to 20%. - WRONG 14.8% for May
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  • ron prevost wrote...
    @ Rick(4)
    June 1, 2012 7:14 pm
    and that's GOOD news ???????
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  • Rick (4) wrote...
    @ron prevost
    June 1, 2012 7:53 pm
    Who said it was good news? All I did was post the real number. No Obama vote coming from me in Novemebr.
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  • ron prevost wrote...
    BINGO !
    June 2, 2012 5:11 am
    ...
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  • hnuh wrote...
    06-01-2012 Latest jobs report...
    June 1, 2012 10:55 am
    Anyone who would like to understand more the causes of the economic circumstances in which we are mired should read: F. A. Hayek "The Road to Serfdom". It isn't light reading but it is enlightening to say the least. For a direct explication of the roots of our current troubles and ways to fix the situation read Hayek's "The Constitution of Liberty". The latter is a heavy read, the footnotes are nearly as long as the book itself. Both are available as e-books or dead tree editions.
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  • John S Paul wrote...
    Interesting....
    June 1, 2012 11:13 am
    After three hours, this is the only thing that these two could come up with to put on their page.

    Looks like the Seattle branch of the Obama Ministry of Propaganda is still in good working order....

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  • mpgunner wrote...
    Wow - Dave talked about this?
    June 1, 2012 11:39 am
    Yet, still trying to paint Obama's leadership/cause in a good light. It is bad, been bad and covered up until now. These past revisions have been going on and FINALLY it is out front since it can't be hidden. So why vote for Obama?
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  • Anton wrote...
    Forrest has it right...
    June 1, 2012 11:51 am
    Contrary to a previous reply to Forrest's post, business WILL indeed hire under the threat of higher taxes as long as the demand for goods and services are there.

    This administration is no where near the biggest business-killing machine ever...not even close. Dow Jones upon taking office - 7,900 and plummeting; Dow Jones now - still over 12,000... Yeah, right...business killer!

    82,000 new private sector jobs (governement shrank again by 13,000). Not enough to keep up with population growth in my opinion, but better than a negative number like 4 years ago.

    Real unemployment is probably still closer to 13% as more people attempt to look for work again.

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  • Rick (4) wrote...
    @Anton
    June 1, 2012 1:20 pm
    Real unemployment for May is 14.8% i.e. U6 unemployment number.
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  • Anton wrote...
    Rick - OK
    June 1, 2012 2:07 pm
    That's sounds accurate, I knew it wasn't 20% as mentioned above. Still nothing to brag about, just seems as if exaggeration is rampant here.
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  • SeattleNative wrote...
    What else could anyone expect.?
    June 1, 2012 1:12 pm
    Why would anybody expect any semblance of "success" when they hired somebody who was absolutely unqualified and with zero experience to be the CEO of the biggest economy in the world?

    What would the stockholders do if the Board of Directors of GE hired this guy to be their CEO in 2008?

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  • 509 wrote...
    Throughout his life there was always someone covering for Obama....but nobody can cover the President.
    June 1, 2012 4:38 pm
    On the u-6 numbers. It is worse than people realize. I have several friends with professional degrees now working at half their previous salaries. They are considered FULLY employed. FIVE more months.
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  • HPD 5-0 wrote...
    It's always fashionable to blame liberal politicians for the economy.....
    June 1, 2012 6:44 pm
    Fashionable and accurate.
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  • Forrest wrote...
    5-0
    June 1, 2012 10:43 pm
    You don't know anything about the economy. You're a socialist government union employee. Now go have a doughnut and look at some porn on your government computer.
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  • HPD 5-0 wrote...
    Pathetic.
    June 2, 2012 7:38 am
    Just like a 5 yr old. God I love liberals.
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  • Forrest wrote...
    My point to you 5-0
    June 2, 2012 9:52 am
    Is that you more than likely have been on the government teat all your life. Probably ex-military who joined the police force right after discharge. When have you ever worked in the free market? You will have cradle to grave health care, pension, and pay check all provided by the government that you constantly lambaste. You have no idea what it is like out in the free market where you constantly have to hustle. Most of us don't have a union to protect us if we get fired like you do. You never go to sleep worrying if you'll have a job tomorrow and whether or not you'll be able to feed your family or make a house payment. You have a right to your opinion but my opinion is that you are the one who is pathetic.
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