The unemployment statistics released by the Labor Department cast a shadow over talks on recovery. In the private sector it is weak. The data lead to the tanking of the stock market. The figures showed that whatever growth there was came from the hiring of workers by the federal government on a temporary basis. The private sector generated jobs – 41,000 posts; it was far below expectation levels of 150,000 – 180,000.
The number of those hanging around without jobs for over 27 weeks is the highest since the 40’s. Without job people don’t pay your loans. And foreclosure increase.
Europe is America’s biggest trade zone – even bigger than China and Canada. But reports coming through are alarming. Europe is losing its spending power. First Greece and now Hungary has raised the cry of deficit budget. Stock markets are now on and edge. The euro spun downwards dropping to the lowest point since the early part of 2006. Oil prices fell to $71.51 due to low demand.

The financial market has been warily eyeing Europe for many months – the focus being on Greece, Spain and Portugal, the southern stretch. But news of Hungary pushed the problem further north – like a contagion spreading.
The President tried not to give the matter too much importance. Speaking to workers in Hyattsville, Maryland he said that the economy was “getting stronger by the day.” However he added that most of the jobs came from the Census Bureau but he did not fail to mention, “These numbers do mean that we are moving in the right direction. There are going to be ups and downs.”
The figures of May indicate that the employments market is coughing again. There must be an addition of over 100,000 jobs per months only to absorb the new entrants in the market. These are mostly those who have finished high school as well as law graduates. They will add to the job seekers that has already touched 15 million.

Meanwhile the cities and the state governments, without any alternatives before them, have started to cut jobs and slice budgets. This tendency could pick up speed during the forthcoming months. The Chief Economist of MFR Inc. said, “It’s a very grudging labor market. A growing amount of evidence now points to this recovery taking a long time.”

Prominent economist voiced their grave concerns about the future – especially against the background of a weaker Europe. Consumer spending has dropped. The previous labour secretary of President Clinton, Robert Reich, observed that there was 50% chance of the country slipping into recession again.

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