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USA Today...
Unemployment
rate ticks up to 8.2%, 69K new jobs in May
By Paul Davidson
Congressman
John Boehner and Ohio Republican Chairman Bennett also respond to May
Job Report...
WASHINGTON—U.S. employers added just 69,000 jobs in May--the fewest in
a year-- as payrolls gains were disappointingly tepid for a third month.
The nation’s unemployment rate rose to 8.2% from 8.1% as 642,000
Americans surged into the labor force, the Labor Department said.
Dow Jones industrial average futures, which were already down 100
points before the report, fell an additional 100 points within minutes
of its release.
The yield on the benchmark on the 10-year Treasury note plunged to
1.46%, the lowest on record, suggesting investors are flocking to the
safety of U.S. government bonds.
The price of gold, which was trading at about $1,550 an ounce before
the report, shot up $30. For much of the past three years, investors
have seen gold as a safe place to put their money during turbulent
economic times.
Businesses added 82,000 jobs, while governments cut 15,000. Job gains
in health care, transportation and wholesale were were more than offset
by losses in construction and leisure and hospitality and weak showings
by previously strong sectors such as professional and business services.
A consensus of economists had estimated that employers added 150,000
jobs last month, including 160,000 in the private sector.
The government revised down total job gains for the previous two months
by a total 49,000. March’s gains were revised to 143,000 from 154,000,
and April’s to 77,000 from 115,000...
Read the rest of the story at USA Today
Congressman Boehner comments on the May report...
WASHINGTON, D.C. – Congressman John Boehner (R-West Chester) released
the following statement today regarding the Department of Labor’s
unemployment report for May 2012:
“President Obama’s failed policies have made high unemployment and a
weak economy the sad new normal for families and small businesses. For
three years the unemployment rate has remained far above what the
administration predicted with the ‘stimulus’ spending binge. Half of
recent college graduates are out of work or underemployed, and for
those lucky enough to have a job, prices for everything from gas to
groceries have risen faster than paychecks.
“But the American people don’t have to accept the president’s new
normal of fewer jobs and higher prices. Republicans have a Plan for
America’s Job Creators designed to remove the government barriers
holding back economic growth and hurting job creation. The House has
passed more than 30 jobs bills to expand energy production and approve
popular projects like Keystone XL, eliminate excessive federal red
tape, repeal laws like ObamaCare that are making it harder for small
businesses to hire new workers, and more.
“While Senate Democrats are blocking these and other important jobs
bills, and President Obama is occupied campaigning, the House will
continue to focus on liberating job creators and building a stronger
economy for all Americans. In the weeks ahead, we will vote to repeal
ObamaCare’s medical device tax, impose a moratorium on new federal
regulations, and stop the tax hike on small businesses that is
scheduled to hit on January 1, 2013. The American people are still
asking, ‘where are the jobs?’ Republicans are listening. It’s time for
President Obama and Senate Democrats to stop playing games and start
listening too.”
From Ohio Republican Party Chairman Bob Bennett…
COLUMBUS - “After 41 consecutive months of more than 8 percent
unemployment, it’s clear President Obama’s policies are bad for job
creators. President Obama pitched his $800 billion stimulus plan as a
path to restoring employment; instead, it proved to be a tremendous
failure.
“In contrast, Governor Kasich and the General Assembly are working hard
to turn around Ohio’s economy through pro-growth policies. When
President Obama and Ted Strickland were at the helm, Ohio lost 147,600
jobs. Since Governor Kasich took office, Ohio has gained 72,400 jobs.
“States that are following the Democrat’s agenda of tax and spend find
themselves overwhelmed with slow growth and unsustainable deficits. If
we re-elect President Obama, we will see America end up like Greece, or
his home state of Illinois, strapped for cash and nearly broke.”
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