Where’s Mickey D’s When You Need Them?

The unemployment rate for May was announced this morning to be 9.1%, with only 54,000 jobs added. That is an increase from last month’s 9%. If you recall, last month’s total was increased by 62,000 part time and janitorial jobs courtesy of McDonald’s. Maybe the government should have pressured Burger King or Wendy’s to up their totals, but then, again, Michelle wouldn’t like that.
If you take away the Birth/Death adjustment of 206,000 the real non farm payroll number is a minus 150,000 jobs, says Tyler Durden at Zero Hedge blog.
Durden also looks at charts for people who are not in the labor force but who want a job now, plus the average duration of unemployment which just hit 39.7 weeks and concludes that we are in a depression. “Time to price in QE666,” he says.
On CNBC’s Squawk Box, Rick Santelli predicted the jobs number,forecasting a gain of 55,000. Before the numbers were released others on the panel proved what failures they are with their off the mark predictions. Diane Swonk said 9% with 130,000 non farm jobs added; Mark Zandi said 9% with 80,000 non farm; and Steve Liesman saw 140,000-150,000. So much for those Kreskins.
All they had to do was look at the latest Joseph A. Banks ad. They say “for the first time ever, buy a suit, get two suits, plus 3 wrinkle free shirts free.” They are obviously dressing down their view of future sales. Looks like the economy is in bad shape.

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