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June 01, 2011

DOOM! Anemic Job Growth, Stock Market Tanks

Recovery Summer II is looking an awful lot like the original.

The Labor Department will release May jobs data in Washington Friday, but ahead of that, private payroll firm ADP reports fewer than expected new jobs in May.

The company's National Employment Report says nonfarm private employment grew by 38,000 jobs, far short of the average economist forecast of 175,000 new jobs, as surveyed by Bloomberg.

That plus more bad news from Greece and dismal US manufacturing numbers added up to a bad day on Wall Street.

The Dow Jones industrial average (INDU) fell 245 points, or 2%, with all but one of the blue chip index's 30 components lagging.

With economic news like this, I'm guessing Obama is trying to find a way to merge the Sarah Palin vacation tour with Weinergate to keep his name out of the news as long as possible.



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posted by DrewM. at 04:19 PM

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