One of our trolls yesterday was spamming every thread claiming I was ignoring the excellent news of the jobs report (because I hate Obama or I am a libertarian or something- like most trolls, his gibberish is indecipherable). So here you go, rejoice with the good news:
U.S. employers added 18,000 workers in June, the fewest in nine months, and the unemployment rate unexpectedly climbed, indicating a struggling labor market.
The increase in payrolls followed a 25,000 gain that was less than half the rise initially estimated, Labor Department data showed today in Washington. The median estimate in a Bloomberg News survey called for a June gain of 105,000. The unemployment rate rose to 9.2 percent, the highest level this year. Hiring by companies, which excludes government agencies, was the weakest since May 2010.
Stocks plunged and Treasuries rose as the absence of stronger job growth caused earnings to stagnate, posing a threat to consumer spending that accounts for 70 percent of the economy. The second-quarter slowdown in hiring underscores a recovery that Federal Reserve Chairman Ben S. Bernanke said is “frustratingly slow.”
It could be that I am sober and not an insane crazy person, but I’m not seeing why we should be breaking out the champagne.