MORE FROM THE DYNAMIC RECOVERY FRONT – AT 8:58 A.M. ET: More economic news is pouring in. We're booming, we're booming. Just ask Joe Biden. But, for some reason, not everyone in the work force is getting the message:
U.S. employment fell for the first this year in June as thousands of temporary census jobs ended and private hiring grew less than expected, dealing a blow to President Barack Obama who has identified job creation as a key priority.
Nonfarm payrolls dropped 125,000, the largest decline since October, as temporary census jobs fell 225,000, the Labor Department said on Friday.
However the unemployment rate fell to 9.5 percent, the lowest level since July, as people left the labor force.
The report will add to worries the recovery from the longest and deepest recession since the 1930s could be faltering. Analysts polled by Reuters had expected employment to fall 110,000 last month, with the jobless rate edging up to 9.8 percent from 9.7 percent in May.
The government revised data for April and May to show 25,000 more jobs created than earlier reported.
Private employment, considered a better measure of labor market health, rose 83,000 in June, less than market expectations for a 112,000 gain.
Public unhappiness with the economy, especially after a record $787 billion package of spending and tax cuts, is eroding Obama's popularity. Obama, has tried to put the blame on policies of the previous administration.
COMMENT: Look, everybody knows it's Bush's fault. As is the oil spill and Al Gore's divorce.
But, strangely, the ungrateful American people are putting some of the blame on President Obama, not appreciating all he has done for us and the peoples of the world. And when Obama and his crowd raise taxes to pay for all the good he has done, will Americans applaud it? Of course not. This is the damge that Fox News has done.
Oh, ignore the job statistics. They're just trying to scare us into sealing the southern border.
July 2, 2010