Why Does Business Hate America?
Oops: Payrolls Grow by Just 78,000 in May
The generally lackluster performance surprised economists. Before the report was released, they were predicting jobs to grow by around 175,000 and the jobless rate to hold steady at 5.2 percent.Yes, clearly "disappointing" if you're looking for a job... but hey, work of America, at least this will be good for the Financial/Investment class! And isn't that what really matters?
"Clearly there's some disappointment here," said Anthony Chan, senior economist at JP Morgan Asset Management. "But this may be a gift to financial markets and Main Street because the Federal Reserve might not have to be so aggressive in raising rates. In that regard, it is almost a good report."
But on Wall Street, the report disheartened investors. The Dow Jones industrials were off 26 points and the Nasdaq was down 7 points in morning tradingOh dear worker, it appears the Financial folks don't appreaciate your sacrifice..
But wait! There is good news for you American worker!
Workers' average hourly earnings rose to $16.03 in May, up from $16 in April.Whoo Hoo! Hourly earnings are up 3 cents! So save those pennies dear worker... you're gonna need them.