We Don't Need No Stinking Keystone XL Pipeline

(Bloomberg) -- American employers in May added the smallest number of workers in a year and the unemployment rate unexpectedly increased as job-seekers re-entered the workforce. Payrolls climbed by 69,000 last month, less than the most-pessimistic forecast in a Bloomberg News survey, after a revised 77,000 gain in April that was smaller than initially estimated, Labor Department figures showed today in Washington. The jobless rate rose to 8.2 percent from 8.1 percent, while hours worked declined.

Stocks and Treasury yields plunged as the figures showed a looming recession in the euro area and slower growth in China and Brazil are taking a toll on the U.S. Bigger job and wage gains are needed to jumpstart a self-sustaining increase in hiring and consumer spending.

“The labor market is clearly deteriorating,” Hugh Johnson, chairman and chief investment officer at Albany, New York-based Hugh Johnson Advisors LLC, whose payrolls projection of 75,000 was the closest to the May reading among economists surveyed by Bloomberg. “Confidence in the economy is declining. Businesses are extremely reluctant to add workers when there’s so much uncertainty.” Read full story here: News New Mexico

We Don't Need No Stinking Keystone XL Pipeline