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Hiring Plummeted in May

Well, jobs dropped off a cliff in May, expanding by only 38,000, well below forecast, while the the number of people who have dropped out of the workforce crept back to its historic high of December 2015.

From the Wall Street Journal:

U.S. companies slowed their hiring drastically in May and unemployment fell as people dropped out of the labor force, a bleak picture for Federal Reserve officials as they prepare to debate increasing short-term interest rates at a policy meeting this month.

Nonfarm payrolls rose by a seasonally adjusted 38,000 in May, the weakest performance since September 2010, the Labor Department said Friday. Revisions showed employers added a combined 59,000 fewer jobs in April and March than previously estimated.

The share of Americans participating in the labor force fell to 62.6% in May, down 0.2 percentage point from April and matching the level from December 2015.

This makes sense because the Obama economy expanded the last quarter of 2015 and the first of 2016 at the measly rate of one percent. The labor force participation rate is at the lowest levels in 40 years, which also makes sense, not just because there aren’t jobs, but because there’s so much free government stuff out there that people are making a rational decision not to work.

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18 Responses to Hiring Plummeted in May

    • Trump protestor in California this past weekend:

      Make California Mexico again

      Yes wide open obama borders is really destroying the county!!!!!

    • Josh Earnest is a master of Orwellian spin. The very fact that this administration’s mouthpiece is named “Earnest” is Orwellian by design.

  1. This is getting scary, we are in as bad a condition as we were 40 years ago. But 40 years ago the Prime interest rate was 22% and we were ravaged by inflation. Today the Fed Funds rate is ZERO. The Fed has no ability to lower interest rates to spur the economy. Now as Obama has doubled the national debt a 100% increase (20/10), what will happen as interest rates start to rise? This president has screwed us into a hole!

  2. There was a “fact” printed somewhere that claimed more people work for the government than work for every private sector employer combined. True? dunno.
    We do know that millions call the President, the Governor, or the Mayor their boss, all living off of the wages of private citizens. There will come a point where there aren’t enough workers out there to sustain the wages of all those government employees. Certain cities here have already reached that point – Detroit for example.
    While PresObama brags about some fantasy economic recovery, the actual truth is we’re failing faster than expected.

    • Total federal payroll incl military–4 million ish–so it’s not accurate. Actually the fed payroll is less than it was. I know–sounds improbable. But it’s true.

      • State gov employees in 2014 was 3.8 million

        So in round numbers about 8 million workers eating tax dollars.

        Health care add nearly all the job gains. Thanks Obummer growing jobs and copays by the month!

  3. I never believe these numbers–but of course, I want to believe this one. Not because of the misery it implies but because it shows all their blat about how great the economy is going is just that–blat.