03 Jun '11, 11pm

Poor May jobs data sets challenge for White House via @cmswire

WASHINGTON - DISMAL statistics on new job creation and an uptick in the unemployment rate sent US stocks plunging Friday and lay down a new barrier for President Barack Obama's troubled economic agenda. The economy added a paltry 54,000 new jobs last month, one quarter of the February-April pace, while the unemployment rate edged up to 9.1 per cent, figures from the Labour Department showed. While the White House and economists cautioned that the poor data was likely a monthly blip, it fuelled allegations that Mr Obama's economic policies are failing, 18 months ahead of the next presidential election. With employment figures for the previous two months revised downward, the report confirmed that economic growth has been stagnant since the beginning of 2011, despite government efforts to power up a job-creating recovery. The private sector, expected to drive the economy as ...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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