GOP Criticizes Obama After Weak Jobs Report Spurs Stock Market Sell-Off
Jittery investors now have even more to worry about after a disappointing May jobs report slammed Wall Street on Friday, wiping out the entire gains for the stock market this year. The Dow Jones industrial average fell 275 points, or 2.2 percent. The Nasdaq and S&P 500 were also down, dropping 2.8 percent and 2.5 percent, respectively.
Jittery investors now have even more to worry about after a disappointing May jobs report slammed Wall Street on Friday, wiping out the entire gains for the stock market this year. The Dow Jones industrial average fell 275 points, or 2.2 percent. The Nasdaq and S&P 500 were also down, dropping 2.8 percent and 2.5 percent, respectively.
The decline sent the Dow into negative territory for the year to date after the latest jobs report showed the unemployment rate ticked up to 8.2 percent in May, the first time in a year that the figure rose. The U.S. added just 69,000 jobs, less than half what was expected and the smallest gain in a year.
Still, the news wasn’t bad for everyone. Friday’s turn of events gave Mitt Romney and Republicans a new opportunity to partake in one of their favorite pastimes: criticizing President Obama and his economic policies. –TEB
WAIT, BEFORE YOU GO…The New York Times:
Republicans quickly seized on Friday’s disappointing jobs report as fresh evidence of what they say are President Obama’s “job-killing” policies and further proof of the need for a new occupant in the White House next year.
…Mitt Romney, the presumptive Republican nominee, called the report “devastating news for American workers and American families” and mocked the president’s campaign slogan, “forward,” saying that the country has been moving backward under the president’s policies.
“This week has seen a cascade of one bad piece of economic news after another,” Mr. Romney said in a statement. “Slowing G.D.P. growth, plunging consumer confidence, an increase in unemployment claims, and now another dismal jobs report all stand as a harsh indictment of the president’s handling of the economy.”
If you're reading this, you probably already know that non-profit, independent journalism is under threat worldwide. Independent news sites are overshadowed by larger heavily funded mainstream media that inundate us with hype and noise that barely scratch the surface. We believe that our readers deserve to know the full story. Truthdig writers bravely dig beneath the headlines to give you thought-provoking, investigative reporting and analysis that tells you what’s really happening and who’s rolling up their sleeves to do something about it.
Like you, we believe a well-informed public that doesn’t have blind faith in the status quo can help change the world. Your contribution of as little as $5 monthly or $35 annually will make you a groundbreaking member and lays the foundation of our work.
Our addiction to empire is killing us. When will we recognize that this planet is big enough for every global citizen to have a patch of serenity?
Now that the Dakota Access pipeline protest has galvanized the Native American community, the Advance Native Political Leadership group wants to build a pathway to more government inclusion.
A look at the day's political happenings, including Mitt Romney denies his infamous "47 percent" remark and Eliot Spitzer weighs in on Anthony Weiner's latest round of illicit messages.
A look at the day's political happenings, including Gabrielle Giffords and Mark Kelly renewing their gun control push and why Senate Minority Leader Mitch McConnell's catchy new campaign video against his Democratic Senate opponent is a big fail.
It’s as if they didn’t learn a thing from the 2012 elections. Republicans are on the same suicide mission as before--trying to block immigration reform, roll back the clock on abortion rights and stop gay marriage wherever possible. Why can’t Republicans learn?
The war of words between the site and the statistician appears to be escalating yet again after Politico co-founder Jim VandeHei accused Silver of getting "up on his high horse quite a lot" in an interview in New Republic.
There are currently no responses to this article.
Be the first to respond.