Unexpectedly, Unemployment Rises

The economy continues to slide downhill, burdened by the worst economic policies since the Carter administration. Unemployment rose in May–unexpectedly, of course:

Employers hired far fewer workers than expected in May and the jobless rate rose to 9.1 percent, raising concerns the economy might be stuck in a painful slow-growth mode.
Nonfarm payrolls increased 54,000 last month, the weakest reading since September, the Labor Department said on Friday. …
Economists had expected payrolls to rise 150,000 and private hiring to increase 175,000. The government revised employment figures for March and April to show 39,000 fewer jobs created than previously estimated.

Let’s stroll down memory lane. Joe Biden, April 2010:

“Some time in the next couple of months we’re going to be creating between 250,000 jobs a month and 500,000 jobs a month,” Biden said at a fundraiser today in Pittsburgh. …
The administration’s own forecast projects that the labor market will add about 100,000 jobs a month for the rest of the year [2010], then around 200,000 jobs a month next year [2011], and 250,000 jobs a month in 2012. …
“We caught a lot of bad breaks on the way down,” Biden said. “We’re going to catch a few good breaks because of good planning on the way up.”

Apparently the “bad breaks” continue. Unexpectedly!

Responses

-->