More Than Half A Million Jobs Lost In May

Aren’t you glad the stimulus worked?

U.S. private employers chopped more than half a million jobs in May, signaling job conditions remain tough and dashing some hopes the economy was not deteriorating as rapidly as thought, a report on Wednesday showed.

U.S. companies axed 532,000 jobs last month, though this was fewer than the revised 545,000 jobs lost in April, according to the ADP National Employment Report.

The April figure was originally a decline of 491,000.

The median forecast of economists surveyed by Reuters for the ADP Employer Services report, jointly developed with Macroeconomic Advisers LLC, was for a loss of 520,000 private-sector jobs in May.

Obama said the stimulus would prevent the unemployment rate from going over 8 percent. It hit 8.9% according to the last jobs report… So, once again, we spent a whole lot of money that did a whole lot of nothing… But hey, don’t blame me… I voted for McCain.