WASHINGTON (AP) The Labor Department says payrolls grew by just 75,000 in May, the slowest pace in seven months; the unemployment rate dips to 4.6 percent, the lowest since July 2001....women, children and the poor hardest hit...
Perhaps Bizzy will correct me, but I suspect that these two facts are related. If I understand this right, 75,000 people got new jobs last month. Meanwhile, unemployment dropped to 4.6%, which is about as low as it is going to go (that, by the way, is a good thing). I think this means that we're getting to the point where all the folks who want a job have one and those that don't aren't all that interested in the idea of having a job.
Where is the fault, if any, in my analysis?
UPDATE: Majority Leader Boehner chimes in via email:
"Today's good news means more jobs and more opportunities for American families to take advantage of our growing American economy. While Democrats continue to support tax hikes and more spending, Republicans are proud of delivering tax relief to working families, seniors, and small businesses that has expanded our economy and opened the door for more Americans to enjoy economic prosperity by creating high-wage jobs.
"Extending the 2003 tax cuts and preventing a massive Democrat tax increase was a major step forward in building on our economic progress. The fact is keeping taxes low, coupled with fiscal discipline and economic growth, is flooding the coffers of the federal government with greater-than-expected tax revenues and making real progress in driving down the budget deficit.
"In the weeks and months ahead, Republicans will be moving common sense legislation designed to secure America's energy future and ensure that working families have access to affordable health care. I would urge my Democrat colleagues to join Republicans in building on this economic momentum and put the interests of the American people first."
