Holy shit! May’s new jobs number is 95,000 below what economists predicted. 75,000 new jobs, the worst showing since October’s Katrina-influenced numbers.
And to make matters worse for fans of the Bush Boom, the government revised their numbers for March and April. They now say that there were 25,000 fewer jobs than previously reported for March and 12,000 less than they told us had been created in April.
And the GOP plans to run on the economy in November?
Job growth faltered in May, with employers boosting payrolls by just 75,000.
The count of new jobs generated last month – 75,000 – was the smallest since October, when hiring practically stalled as companies were jolted by fallout from the Gulf Coast hurricanes. Job gains for March and April turned out to be weaker than previously reported.
In May, job cuts at factories, retailing and other fields tempered job gains in education and health care, financial activities and elsewhere.
The payrolls performance was much weaker than the 170,000 jobs that economists were forecasting would be added in May. They also were predicting the unemployment rate to hold steady at 4.7 percent.
Adding to the weakness in the payroll picture: job gains for both March and April were lowered. Employers actually added 126,000 new jobs in April, instead of the 138,000 previously reported. For March, employment grew by 175,000, rather than 200,000.
Workers’ average hourly earnings stood at $16.62 in May, a small 0.1 percent increase from April. That was smaller than the 0.3 percent rise economists were expecting and marked a moderation from a sharp pickup in earnings registered in April.