By Robert Reich
HOWEVER?ONE looks at last Friday’s jobs report, it’s a stunning reminder of how anemic the recovery has been — and how perilously close America is to falling into another recession.
Not only has the unemployment rate risen for the first time in almost a year, to 8.2%, but, more ominously, May’s payroll survey showed that employers created only 69,000 net new jobs. The Labor Department’s Bureau of Labor Statistics also revised its March and April reports downward. Only 96,000 new jobs have been created, on average, over the last three months.