$5,000,000,000,000 Failure

So this is what we get, America, after $1.7 trillion in deficit spending for this year, $600 billion in QE2, and over $4.5 trillion in deficit spending in aggregate over three years – A Big Fat Nothing!  Massive collapse just occurred in the May American employment situation.  A quick overview of the data is as follows:

1. May Non-Farm Payroll (NFP) at 54,000 down from 244,000, and not only below consensus of 165,000, but also below the lowest economist prediction of 65,000.  So much for those high-priced economists!!   
2. Take away the “Birth/Death Adjustment” of 206,000, and the NFP is a negative 150,000.  
3. The unemployment rate was 9.1%.  (The absolute number of unemployed increased from 13.747 million to 13.914 million.) 
4. For the third month in a row the Labor Force Participation rate remained flat at 64.2%.