May jobs report has many worried about future of the economy

POSTED: Friday, June 1, 2012 - 6:30pm

UPDATED: Friday, June 1, 2012 - 6:34pm

When the numbers were tallied for May only 69,000 jobs were added, the fewest in a year.

Unemployment ticked up to 8.2%.

Car sales were up, and jobs in manufacturing are looking good, but there were deep cuts in construction and federal, state and local workers laid off because tax revenue is down.

Some blame the crisis in Greece.

"Europe is the big issue here, you add Europe to this uncertainty and it's also why people are pulling back on hiring," says Mesirow Financial economist Diane Swonk.

Mitt Romney, meanwhile, blamed President Obama.

"The president's policies with regards to taxation, regulation, as well as trade policies, labor policies--all of them have made it less likely for businesses small and large to want to hire more people," he claimed.

Romney's plan is to open up U.S. oil and gas reserves and kill the president's health care plan.

President Obama was at a plant in Minnesota, pushing a program to hire veterans, part of his jobs plan that's stuck in Congress.

"There are steps that could make a difference right now. Steps that could also serve as a buffer in case the situation in Europe gets any worse. So, right now , Congress should pass a bill that to help states prevent more layoffs so we can but thousands of teachers, firefighters and police officers back on the job," Mr. Obama said.

Economists see no sign the recovery will get a lot stronger between now and the November elections.

Comments News Comments

Post new Comment