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AP: Jobless Rate Increase To 7.6% Shows Hiring

From the always dependable Associated Press:

US employers add 175K jobs, rate up to 7.6 pct.

By CHRISTOPHER S. RUGABER | June 7, 2013

WASHINGTON (AP) — The U.S. economy added 175,000 jobs in May, a gain that shows employers are hiring at a still-modest but steady pace despite government spending cuts and higher taxes.

You see? Employers are hiring like gangbusters, despite the Republican sequester. And never mind that the unemployment rate actually went up.

The unemployment rate rose to 7.6 percent from 7.5 percent in April, the Labor Department said Friday. The rate rose because more people began looking for work, a healthy sign…

Hilarious. Even when the unemployment rate goes up under Obama, it’s a good sign.

The government revised the job figures for the previous two months. April’s gain was lowered to 149,000 from 165,000. March’s was increased slightly to 142,000 from 138,000. The net loss was 12,000 jobs.

How typical. In fact, they revise the monthly figures down almost as often as the weekly figures.

Investors appeared pleased by the evidence that job growth remains steady. The Dow Jones industrial average surged 150 points in the first hour of trading…

They are only happy because this anemic jobs number means Benanke will continue to pump $85 billion dollars a month into the market.

Analysts said the less-than-robust job growth would likely lead the Federal Reserve to maintain the pace of its monthly bond purchases for at least a few more months. The Fed has said it will keep buying bonds at the same rate until the job market improves substantially. The bond purchases have helped drive down interest rates and boost stock prices…

You see?

Meanwhile, we also have this sad news, via BuzzFeed:

Jeremy Epstein Is Still Looking For A Job

The college student was thrust into the spotlight when he asked Obama and Romney about finding a job after graduation at the October town hall debate.

Andrew Kaczynski |  June 6, 2013

“Every now and then someone stops me on the street and says, ‘Hey, I recognize you,’” says Jeremy Epstein, the 21-year-old Hofstra college student who was thrust in the national spotlight last October when he stood before President Obama, Mitt Romney and 65.5 million Americans watching across the nation to ask the first question at the presidential town hall debate. “The latest thing that happened is someone stopped me on the street and said, ‘Hey Jeremy did you get a job yet?’”

At the debate, Epstein made headlines for asking the candidates about finding a job after graduation. “Mr. President, Governor Romney, as a 20-year-old college student, all I hear from professors, neighbors and others is that when I graduate, I will have little chance to get employment,” he asked. “Can — what can you say to reassure me, but more importantly my parents, that I will be able to sufficiently support myself after I graduate?”

Epstein did not find a summer job but is doing some work at his school’s radio station 88.7. He’s even hosting a show.

“I’ve applied for a couple. I’ve applied for a few internships, but right now I’m working at my school radio station for the summer. I’m hoping to pursue a career in journalism,” he says.

But Epstein thinks the economy may be looking up for college students.

“It’s not something that’s going to be fixed overnight. If I had to say now, I’d say it would still be pretty tough for me to find a job even though Mitt Romney promised me a job, but that’s probably not going to happen.

So it’s Romney’s fault he doesn’t have a job?

I think it’s turning around a little bit but it’s tough to tell. I think overall the economy may be looking up for students my age.” …

He’s going to have a great future in journalism, with the ability to brazenly delude himself like that.

This article was posted by Steve Gilbert on Friday, June 7th, 2013. Comments are currently closed.

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