Market Open: DOW falling off a cliff on *AWFUL* monthly jobs data- added 431k jobs, only 20k were private hires, rest Census…
a LOT of pundits will be eating Crow today. This is the PEAK month for Census hires, people were high on something, KOOLAID?, forecasting things like 670k(!)! new jobs in May!
DOW opened down 172 and moving lower-
BWAAHAAA Obama and Hilda Solis Labor had ALREADY SCHEDULED appearances expecting this to be a huge ‘surge’ in jobs. Here is the report via CNBC, and Solis is spinning like a top, 8k jobs in mining my goodness she says! Yeah til Obama adds CAP AND TRADE…..mAROONS i TELL YOU!!
…The Labor Department said on Friday payrolls rose 431,000 as the government hired 411,000 workers to conduct the population count. That was the largest monthly increase since March 2000 and marked a fifth straight month of gains. But private employment, a barometer of labor market strength, increased just 41,000 after rising 218,000 in April, as employers opted to increase hours rather than hire new workers….
…Payrolls data for March and April was revised to show 22,000 fewer jobs created than previously reported. May’s hefty employment gain lowered the unemployment rate to 9.7 percent from 9.9 percent in April….
Solis is saying the Senate must pass the UE extension and COBRA extensions. Yeah she sounds really Bullish on job creation. Pfft! And Mark Hanes actually talked about the RIGHT WING MEDIA? Uh wha??? Maroons.
They are delusional. Main St knows the deal, and now the markets are FORCED to read the writing on the wall. Carter on Steroids baby.