Weak Job Growth in May as Unemployment Rate Ticked Up
For a third year, the economic recovery in the United States is floundering, stoking fears of a global slowdown as the European crisis escalates.
Last month, the nation’s employers added the fewest jobs in a year and the unemployment rate actually rose, the Labor Department reported Friday. May was not a fluke either. It was the third consecutive month of disappointing results.
The weakening recovery is a serious vulnerability for President Obama as he faces re-election and it provides traction to his Republican rival, Mitt Romney, who says the administration has not done enough to strengthen the economy. Because Washington remains deeply divided over how best to stimulate growth, the report increases the pressure on the Federal Reserve to take further action on its own.
Shocking. I don’t quite understand why or how this bolsters Mitt Romney’s campaign. Obama has done as much as possible given the horrendous Congress he has had to work with.