Opps! Unemployment up, Jobs Down, Dow Falls, Obama six fundraisers

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.

Job seeker Aaron Moore, 25, completes a job application at Los Angeles Mission’s 11th annual Skid Row Career Fair on May 31, 2012 in Los Angeles, Calif.

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.

Payrolls

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.

via Unemployment rate ticks up to 8.2%, 69K new jobs in May – USATODAY.com.

About Albert N. Milliron 6987 Articles

Albert Milliron is the founder of Politisite. Milliron has been credentialed by most major news networks for Presidential debates and major Political Parties for political event coverage. Albert maintains relationships with the White House and State Department to provide direct reporting from the Administration’s Press team. Albert is the former Public Relations Chairman of the Columbia County Republican Party in Georgia. He is a former Delegate.

Milliron is a veteran of the US Army Medical Department and worked for Department of Veterans Affairs, Department of Psychiatry.

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