Payrolls Drop in 27 U.S. States as Weakness in Employment Market Broadens

Source: Bloomberg

By Shobhana Chandra

June 17 (Bloomberg) -- Payrolls dropped in 27 U.S. states in May, indicating the weakening in the job market was broad- based.

California led the nation with a 29,200 decrease followed by New York with 24,700 fewer jobs, figures from the Labor Department showed today in Washington. The jobless rate fell in 24 states and rose in 13.

The report is consistent with nationwide figures released June 3 that showed employers added 54,000 workers in May, the fewest in eight months, and unemployment rose to 9.1 percent, the highest this year. Improvement in hiring across a wider swathe of the U.S. is needed to sustain consumer spending, which accounts for about 70 percent of the U.S. economy.

“Hiring is occurring but the job market is definitely not strong,” Jennifer Lee, a senior economist at BMO Capital Markets in Toronto, said before the report. “Corporations are not going to hire in droves until they are certain that the economic recovery is on terra firma.”

Read more: http://noir.bloomberg.com/apps/news?pid=20601103&sid=azsi0_ncP8m0

and other sources that put money in the pockets of ordinary Americans and permit them to pay off debts and buy things go up.

And that cannot happen until we raise the taxes on the rich and put the brakes on imports of consumer goods and food.

And that can't happen until we reform our election process to keep the rich from paying off and controlling our government.

But that can't happen until wages and public benefits and other sources . . . .

Checkmate.

:thumbsup:

think they are broke now wait until they begin to feel the lose of revenue from all the public workers they have been laying off. Cutting does not help.

They will do everything they can to sabotage President Obama's efforts to stimulate the economy. They are counting on the stupidity of the American voter. If they can make sure that the economy remains weak through 2012 they think they can prevent President Obama's reelection because the voters will blame Obama for the economy.