by Jim Tankersley
The U.S. economy shed 345,000 jobs in May, pushing the unemployment rate near double-digits and bringing the total number of jobs lost in the current recession to 6 million.
But the employment figures, which the Labor Department reported this morning, offer hope that the worst of the economic downturn could be over: The number of lost jobs was the lowest since September, and it was only half of the average monthly job losses in the last half-year.
The Bureau of Labor Statistics reported that the nationwide unemployment rate now stands at 9.4 percent, the worst it has been in more than 25 years. If workers abandoned their job searches or settled for part-time employment were factored in, the rate would have been 16.4 percent.
Manufacturing employment continued to drop sharply, led by 30,000 lost jobs related to the reeling domestic automobile industry. The Bureau reported auto-related jobs have fallen by 50 percent from their recent peak in 2000.
In contrast, construction and many service industries saw their losses slow. The leisure and hospitality industry posted no losses.
Wages remained essentially flat, the bureau reported.
Capitol Hill Republicans were quick to pounce on the numbers to criticize the Obama administration's economic policies.
"This is President Obama's economy now," Rep. Eric Cantor (R-Va.), the House Republican Whip, said in a statement. Later, he added: "As job losses continue to mount, families' worries about losing their healthcare, paying their mortgage, and sending their children to college continues to intensify."









Comments
It's amazing how in the Republican mind the Recession of 2001 was NEVER George Bush's economy. That was all Bill Clinton's fault, no blame was ever to be assigned to Bush for that, even though that recsssion lasted far longer into Bush's term. But now, the economy is immediately and entirely Obama's fault, with no blame what so ever to be placed at Bush's feet.
Posted by: Michael | June 5, 2009 10:37 AM
We can all see now what the "Stimulus Bill" is stimulating---unemployment!
Posted by: Gene Debs | June 5, 2009 10:37 AM
The U.S. has lost 2.2 million jobs since President Obama took office. The unemployment rate now stands at 9.4 percent, up from 7.6 percent at the end of January, when Obama took office.
Since the Feb. 13th passage of the trillion-dollar "stimulus" bill, at least 1.5 million jobs have been lost in America.
Spend a trillion we don't have, bankrupt our future, and still lose jobs. Thanks, Barack.
Posted by: Gene Debs | June 5, 2009 11:07 AM
This is not the current administration's fault. It has been much worse than they were telling us. My daughter and her friends have been looking for nearly two years for full time employment after graduating from college with honors. Does this unemployment figure include her and recent graduates? I think not. I think that the unemployment figures over the last eight years were not accurate because they did not include recent grads and underemployed adults. Are we now going to see the truth?
Posted by: lochnessmonster | June 5, 2009 11:16 AM
"This is President Obama's economy now," Rep. Eric Cantor (R-Va.),
Representative Cantor. I've got a question for you. Since you voted against the President's stimulus program, please tell me ONE thing that the Republicans have proposed that would have CHANGED the recent employment numbers for the better and would have worked within a couple of months?
Posted by: W OBrien | June 5, 2009 11:40 AM
"This is President Obama's economy now,'' Republican leader Eric Cantor says"
.
Yeah, he should have fixed Bush's economic mess in 4 1/2 months.....NOT!
Posted by: Patricia | June 5, 2009 1:24 PM
And the Capitol Hill Republicans pounced on the opportunity to offer winning solutions..........and solidify their once great image as the party of ideas, long replaced by the party of reactionary spin, spin , spin. I offer-- Bush, thanks to the American Enterprise Institute, was the most forward thinking man in his party in the current century, and had he not had to continuously pretend to appease (spin for) his base long enough to hear the criticisms of the left, we would have had an ideal marriage between bold ideas tempered by reason and tact. A real Republican. Instead we had bold ideas, bolder spin, bolder misappropriations of resources. Bush Jr. should have been a Democrat. Bush Jr should have been Obama for the Republicans. Unless, Bush had to abandon his conservatism and straight talk to enable him to make the first bold jagged cuts, that Obama's on and off liaison with conservative values and no spin would tactfully clean up and implement better. Worst in 25 years? Give him some time to work on "his" economy." The invasion of a sovereign nation, subsequent deposing of it's leaders, and re-institution, restructuring, rebuilding, of leadership and life, while carrying on a war on terrorism on two fronts, might take 6 months to a year in the Republican world but-- for the conservatives and liberals this might take a lil longer.....especially, when your political adversary turns out to be a dead weight. Keep waiting for an opening. I'm sure one will drop in your lap that you will be able to believably spin. Republican Ticket 2012: It's Clinton's fault. Republican Ticket 2016: It's Clinton's fault. Republican Ticket 2020: It's Clinton's fault. It's Clinton's fault OBL got away. It's Clinton's fualt Bush won. It's Clinton's fault Bush couldn't catch OBL. It's Clinton's fault we invaded Iraq. It's Clinton's fault Bush was too distracted to call a recession. It's Clinton's fault we're not in the majority. It's Clintons fault McCain lost. Yup, it's all traceable to that Oval Office incident. Un-removal stain on the dress of the Democratic Party. The black hole that swallowed up the Republican Party.
Posted by: Last to call a recession. First to call ownership. | June 5, 2009 1:25 PM
It's nice two see Boehner and Cantor show up once in a while and pretend they represent a Republican Party that is relevant. I wonder how long they have to wait before Limbaugh and Gingrich--the real GOP spokesmen--vet their statements?
Posted by: Leonard Cohen afterworld | June 5, 2009 1:48 PM
Cantor, is crazy and he believes US citizens are crazy. We do not believe that Obama created a situation where there is nearly 10 percent unemployment (even higher with other factors). Ridiculous. This is the problem with the Republicans. Their talking points strategy got them so far, that they believe more talking points will make a difference. You had your chance, now it's time to sit on the sidelines. Enjoy.
Posted by: Lark Dorsey | June 5, 2009 2:03 PM
Mr. Obama has only been in office barely 5 months, this economy is still reeling from 8 years of George Bush and his crime family buddies.
Eight years of every person for themselves.
Eight Years of we don't need no stinking regulations.
Eight years of cowboy capitalism run amouk.
Eight years of, but I'm the president, I can do whatever I want.
Eight years more of RONNIE RAYGUN economics; lets tinkle down on the little people.
Eight Years of hate and fear mongering.
Eight years of keep them fighting with each other so we can go to the bank.
And now, the republi-CON-servatives; fronted by Rush and the rest of the "I've never helped another human being in my life boys" can only complain as no one will listen to their ignorant, hateful, discompassionate, arrogrant rantings.
Please allow me to articulate the new republi-CON-servative platform for you as you seem incapable of independent reasoning and thought.
1) We (republi-CON-servatives) should be permitted to live as white men, doing whatever we want, to whom ever we want, whenever we want.
2) We (republi-CON-servatives) should be free of all taxes and allowed to suckle at the teat of society to the exclusion of all other needs.
3) We (republi-CON-servatives) should have our wants fulfilled before fulfilling the needs of anyone else.
4) Capitalism must be free of all government regulations, until regulation is required to allow republi-CON-servatives to keep making uber-bucks.
5) We only let the dark skinned inthe party, to keep them from voting for anyone else, so long as they sit quietly and don't get too uppidity.
6) Regulation is to be used only as a means of keeping republi-CON-servatives in power.
7) If they don't like us, bomb them back to the stone-age.
8) Trickle Down Deregulated Cowboy Capitalism that caters to the rich Wall Street types, will save us all!
9) If you can't prosper on your own, up yours.
Posted by: Carlos | June 5, 2009 2:10 PM
Health care, Health care, Health care where is the story on how health care reform is not going to happen. We need all the names of democrat senators on the committee that are allowing health care reform to disappear.
we need to target all those democrats and make sure they loose the next election.
Posted by: no spin | June 5, 2009 3:08 PM
I'm sure that if he were around 25 years ago, when unemployment was worse, Mr. Cantor would've been criticizing the then-President's policies as well.
Oh, what's that? Reagan was President?
Never mind.
Posted by: Tracy | June 5, 2009 3:49 PM
It took Shrub Jr , Cheney and the Rethuglicans a full eight years to tank the economy. Obama deserves (and he'll get) eight full years to fix it.
Posted by: Johnny Knoxville | June 5, 2009 3:52 PM
That damn Bush!. Let's see if the far left wants to blame Bush again. Are the ever going to admit when their wrong?. We haven't seen to many great things from out "Telepromter President". The economy is spinning
further out of control and the spending is only putting us in deeper trouble.
Posted by: Paul | June 5, 2009 4:48 PM
Michael,
You have a point that BO should not have been blamed for the economy. However, BO opened his mouth and said in 2 years he would create 3 million jobs. He's down about 2.5 million, so he needs to create 5.5 million jobs in 20 months. It is about the time that he does take ownership. He has time to put into place plans that would turn the economy around. Unfortunately, he didn't put in any such plans that will turn the economy around quickly - so now its his mess. Plus, once he pulls this economy out of the recession, his policies will not allow for sustained growth since they rely on big gov't and less capitalism.
President Bush was in office 40 days when the economy wwent into recession - hardly anything he could do since he basically had to spend the time between the election and inaguration fighting Algore.
Carlos,
Let's set some facts straight on the economy during Bush43's 8 years. After the recession of 2001 eneded in Nov, 2001, the economy grew for 73 months - 5th longest economic expansion in US history. That economy had low inflation, low unemployment, and low interest rates - no misery index in sight.
I do ask you to name the Bush policy that led to this recession. Please describe why you think it is true?
Posted by: Terry | June 5, 2009 7:54 PM
And the economy is doing much worse than the White House "experts" predicted would happen if we DIDN'T pass the "stimulus." From Reuters.com:
"Remember the stress tests? The baseline scenario had unemployment in 2009 at 8.4%, rising to 8.9% under the more adverse scenario. Well, we’re only up to May, and already it’s at 9.4%."
Posted by: Gene Debs | June 6, 2009 12:11 PM
Which Bush policy caused this recession? How about defunding and destroying the Securities and Exchange commission, so that the economic cowboys and the Bernie Madoffs could do as they pleased with investors' funds? How about 7 years of war that was NOT included in the annual budgeting, and still hasn't been paid for? How about tax cuts that lined the pockets of the very rich at the expense of everyone else?
Did you forget that when Bush came into office, there was a SURPLUS?
This is Bush's economy, pure and simple.
Posted by: athena | June 6, 2009 12:31 PM
Michael, did you mean:
It's amazing how in the Democratic mind the Recession of 2001 was COMPLETELY George Bush's economy. That was never Bill Clinton's fault, no blame was ever to be assigned to Clinton for that, even though that downturn started prior to Bush's term. But now, the economy is not at all Obama's fault, with all blame placed at Bush's feet.
Posted by: Yeah, that's it | June 6, 2009 2:09 PM
"Why, no president has lost this many jobs since Herbert Hoover".
Posted by: Every democrat 8 years ago | June 6, 2009 2:14 PM
Any blame of Obama for the economy is just stupid. Its going to take a lot longer the 5 months to fix this mess. Busch had 8 years to screw it up give Obama some time.
Posted by: no spin | June 6, 2009 5:02 PM
Athena,
Are you talking the same SEC that was given Sarabanes-Oxley as a tool to prevent fraud that was going on in the late 90's?
Bernie Madoff had nothing to do with the current recession. A ponzi scheme of $50 billion on a relatively small number of investors has no effect on a $14Trillion economy.
Seven years of spending on the War on terror had nothing to do with the recession. The deficits under Bush were only a few % points of GDP. For someone concerned about deficits, where is your outrage over BO's plans?
The income tax cuts of 2001 & 2003 gave tax cuts to ALL that paid income taxes. Those tax cuts aided teh six years of economic growth.
As far as surplus of 2000 - give Newt plenty of thanks.
Next time instead of spouting some headlines from the Huffington Post, try to think the issue thru.
You still ahven't come close to the reason for this recession.
Posted by: Terry | June 6, 2009 10:30 PM
They told me if I voted for McCain that unemployment would rise to 9%.
And they were right!
Posted by: Bruce | June 7, 2009 11:48 AM
Ok Tickle-me-Terri, you are right......Blame Clinton for the recession in 2001 and blame junior for this one. Let it be written in stone.
As for the topic, this downturn still has some long legs on it. If we are heading into the summer months and unemployment is still going up, then we will be in for an economic Chernobyl this winter.
Excuse and talk all you want nuckledraggers, the pugs clearly caused this with their 20 years of majority power and you will be lucky to even get your voice back in the next 20 years......if there is a USA in 20 years. Every good empire had a bunch of conservatives on top before its fall.
Posted by: Xcellentform | June 8, 2009 9:11 AM
Horrible Form,
The GOP did not have majority power for 20 years. They didn't even have majority power for the first six years of Bush43's term.
This economy could get much worse. BO has had the reigns for five months - let's see if his plan pulls the economy out of this mess. I have my doubts. He has implemented his plan, with a huge majority in Congress, so let's see if it works.
If there is an USA in 20 years - if the loons continue down their path, bin Laden won't have to destroying America, the faltliners will have taken care of it.
Name the Bush policy that caused this recession.
Posted by: Terry | June 8, 2009 8:01 PM