A sharp dive in private job growth and a continued slowdown in the manufacturing sector combined to send the Dow Jones industrial average down more than 200 points Wednesday, its biggest drop since early March. Treasury bond prices rose to their highest level of the year as traders placed a larger value on safer investments.
Doubts about the economy’s strength that built throughout May were compounded by a pair of reports that were weaker than investors expected. . . .
And private employers added just 38,000 jobs in May, down from 177,000 in April, according to payroll processor ADP. Analysts had expected 180,000 new jobs.
Wait, wasn’t the “so-called stimulus” supposed to juice job growth? Looking forward to the 2012 campaign, Jennifer Rubin writes:
The president can’t merely attack his opponent or George W. Bush as he did last time; he’s going to need a record of accomplishment on the issues voters care most about. And unless the economy turns around very quickly, that’s going to be a very large problem.