May has not been a good month for the U.S. economy. The most striking element is that companies added fewer workers, which points to a struggling economy.The current unemployment rate is 9%, with the official Labor Department jobs report due out on Friday, but if the report shows a tepid or anemic employment outlook, this has ramifications for the president as he enters the 2012 presidential elections.
After spending close to $4 trillion dollars since entering office in 2009, the economy has not produced the kind of employment numbers or unleashed an economic turnaround. Officially the recession ended in June 2009, but most Americans have hardly felt any change and still believe we'll remain in a recession.
Housing prices continue to fall, and those that have lost their jobs can't find one, and even if they did they are making less than what they earned before.
Troubling times for the president and the nation.
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