May Job Growth Plummets Well Below Expectations
“We are seeing strong, sustained growth and job creation because of the pro-growth policies of the President.”
--Scott McClellan, May 6th press conference taking credit for the 274,000 jobs allegedly created in April
"The economy appears to be snapping back and the soft patch has probably evaporated…Jobseekers can now look forward to a more receptive climate. We are seeing jobs open up over a wide swath of industries."
--Lynn Reaser, chief economist at Bank of America Capital Management, after the April jobs numbers
"The U.S. jobs machine has finally shifted into a higher gear and will likely drive strong economic growth through the rest of the year.”
--Bill Cheney, chief economist at John Hancock Financial Services, after the April job numbers
Where are those pro-growth policies now Scotty?
Employers added only 78,000 workers to their payrolls last month, the weakest job growth in 21 months, the government said on Friday in a report that fanned worries on Wall Street over a slowing economy.
It was the weakest month for nonfarm job growth since August 2003, when payrolls edged up just 2,000, and well below expectations on Wall Street for 185,000 new jobs. It also marked a sharp slowdown in job creation after a 274,000 job surge in April.
"The report is moderate -- it is not terrible," said James Glassman, senior economist at JPMorgan Securities in New York. "There is nothing wrong with the economy. What it confirms is that the economy is not out of control."
What is even more curious is that the Labor Department didn’t revise the April numbers up or down, and left them at 274,000 which is unusual. It’s as if they don’t want any more news to come out about April before the Friday afternoon news dump. Like a downward revision.