UNEMPLOYMENT RATE RISES TO 8.2%

Today the latest unemployment numbers came out and they are not good. From the mighty Ed Morrissey at HotAir.com

Jim Pethokoukis called this a “huge miss” on Twitter, and he’s right.  Analysts expected the US economy to add 150,000 jobs in May.  Instead, we saw only a net gain of 69,000 jobs, and the jobless rate went up slightly to 8.2%:

Nonfarm payroll employment changed little in May (+69,000), and the unemployment rate was essentially unchanged at 8.2 percent, the U.S. Bureau of Labor Statistics reported today. Employment increased in health care, transportation and warehousing, and wholesale trade but declined in construction. Employment was little changed in most other major industries.

The long-term unemployed jumped up by 300,000 as well, while participation ratios rose:

The number of long-term unemployed (those jobless for 27 weeks and over) rose from 5.1 to 5.4 million in May. These individuals accounted for 42.8 percent of the unemployed. (See table A-12.)

The civilian labor force participation rate increased in May by 0.2 percentage point to 63.8 percent, offsetting a decline of the same amount in April. The employment- population ratio edged up to 58.6 percent in May. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) edged up to 8.1 million over the month. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job. (See table A-8.)

In other words, this is an unmitigated flop.

As promised: When the unemployment rate rises you get a sad, drunk and depressed Star Wars Stormtrooper photo

THE LOST INTERVIEW WITH ANDREW BREITBART - PART 3

The final chapter of the lost interview with Andrew can now be viewed.

THE LOST INTERVIEW WITH ANDREW BREITBART - PART 2

Here is part 2 of the interview.

THE LOST INTERVIEW WITH ANDREW BREITBART - PART 1

Mediaite Tommy Christopher sat down with Andrew Breitbart, journalist Lee Stranhan and liberal blogger Mike Stark, for a lunch that turned into a interview.

It's a good way to see a different side of Andrew Breitbart that you do not see when he is on outlets like CNN or MSNBC.

 

BILL WHITTLE ON THE FATE OF THE EURO

Bill Whittle weaves together monetary policy, aeronautics, and the European Union on this edition of Afterburner. Whittle thinks the Euro is heading for catastrophic failure, just like the tragic Airbus A330 that crashed into the Atlantic. How does this affect you? Find out.

SPAIN FACES RUN ON BANKS AS EUROZONE CRISIS WORSENS

From Andrew Breitbart's Big Peace

In another sign that the financial crisis in Europe is worsening, Bankia, Spain’s fourth biggest bank, which was formed in 2010 through a merger of seven regional savings institutions, is suffering from a recent run on the bank of l billion euros. This news, revealed in the El Mundo newspaper, triggered shares in the bank dropping yesterday by 27 percent.  Spain's IBEX index fell nearly to its lowest level since mid-2003. In addition, the pan-European FTSE 300 index dropped to 984.22, the lowest since January.

Why is this happening you ask? 

Reports from Athens that massive sums of money were being spirited out of the country intensified concern in London about the impact of a splintering of the eurozone on a UK economy that is stuck in double-dip recession. One estimate put the cost to the eurozone of Greece making a disorderly exit from the currency at $1tn, 5% of output.

Officials in the United States are also nervously watching the growing crisis: Barack Obama on Wednesday described it as a "headwind" that could threaten the fragile American recovery.

In a speech in Manchester before flying to the United States for a summit of G8 leaders, the British prime minister, David Cameron, will say the eurozone "either has to make up or it is looking at a potential breakup", adding that the choice for Europe's leaders cannot be long delayed.

"Either Europe has a committed, stable, successful eurozone with an effective firewall, well capitalised and regulated banks, a system of fiscal burden sharing, and supportive monetary policy across the eurozone, or we are in uncharted territory which carries huge risks for everybody.

"Whichever path is chosen, I am prepared to do whatever is necessary to protect this country and secure our economy and financial system."

Officials from the Bank, the Treasury and the Financial Services Authority are drawing up plans in the expectation that a Greek departure from monetary union – increasingly seen as inevitable by financial markets – could be as damaging to the global economy as the collapse of Lehman Brothers in September 2008.

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