Making matters worse, the number of jobs added in March and April were revised lower. There were a couple of bright spots: More people jumped into the job market, and manufacturing jobs continued to trend up.
Still, economists and financial editors are saying the numbers point to another spring slowdown in the economy, despite a sustained—if slow—recovery.
For the Obama campaign, the report dropped like a bomb. The liberal Huffington Post ran with a banner headline saying: “Jobs Report Disaster.”
The Dow Jones Industrial average dropped 200 points this morning after the report.
On the White House blog, Alan B. Krueger, the Chairman of the Council of Economic Advisers, acknowledge the poor numbers. “The economy is growing but it is not growing fast enough,” he wrote.
Krueger tried to frame the issue, stressing that the economy is still recovering from the worst collapse since the great depression and insisting that the nation stick to the president’s economic policies.