Sobering Jobs Report

Friday, June 3, 2011 - 9:08am

May saw fewer new hires; unemployment rises to 9.1%.

The government's monthly jobs report has taken a nosedive.

Economists predicted half as much job growth in May as the month before, but it turns out it was worse.

Only 54,000 jobs were created in May, one fourth as many as in April.

It's the worst hiring record in eight months.

The nation's unemployment rate ticked up slightly to 9.1 percent.

It's tough news for job-seekers who lost good paychecks.

Many are now willing to take minimum wage.

After months of job growth, there are new signs the economy may be stuck.

Home sales are at a nine-year low, manufacturing is sluggish and car sales are down.

"We're moving along in a traffic jam, and the longer, every inch forward you move in a traffic jam, the more angry you get," says Mesirow Financial economist Diane Swonk.

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