Friday the stock market drop considerably when the Labor Department released May Unemployment numbers that 417,000 jobs were added but only around 41, 000 were in the private sector. The vast majority of the jobs were temporary hires for the census.
What will happen the next few months when the census workers are let go as this was only a seasonal job and not long term employment? The market reacted as it sees the nation’s economy is still in perilous condition as most employment is coming from the public sector and not from the private sector where jobs are most needed to pull the nation out of this economic misery.
The president and Democrats are in real trouble if the unemployment numbers stay above nine percent going into November’s mid-term election. Right now there really is not much they can do as it takes time to affect and change to economy, even if they did something it would not be felt until after the mid-term elections.
This will be a long hot summer for Democrats and the especially the president.
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