|Unemployment rate down but it's not good news to the cynical agitators.|
The unemployment rate dropped to 4.7 perecent. The job market is looking healthy but...there's a catch. The Department of Labor said that 38,000 jobs were added for the month of May.
Criticism is being passed around yet again. This shows the weakest job growth in five years.
The unemployment rate being down is positive, but it comes with a price. People are dropping out the labor force after deciding to give up on their search for a job. The labor force participation rate fell 0.2 percent in May to 62.6 percent, erasing some of the gains that it had made.
That means in other words, over 30 million people have given up on looking for a job.
The Huffington Post reports that figure badly missed the expected increase of about 160,000 jobs.
Already Donald Trump seized on the report in his usual fashion.
Terrible jobs report just reported. Only 38,000 jobs added. Bombshell!— Donald J. Trump (@realDonaldTrump) June 3, 2016
The economic jobs report affects the stock market. It will probably take a hit.
Conservative agitators will seize upon the report as an example of their word vomit of lies and deception. The lie of 94 million people not working will be played again.
The Verizon strike also played a role in the dismal job market.
The Verizon employee strike was on for six weeks. The workers were demanding better pay and working conditions. That caused a negative impact on the job gains.
CNN reports that health care, hotels and government jobs were the only jobs added in May.
Mining, oil and gas jobs fell.
The weak May jobs report may very well take the rate hike off the table.
Janet Yellen was tempted to raise the interest rate but now it's going to be held back due to the unemployment numbers.