Stumbling Recovery

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Friday, June 3, 2011 - 3:42pm

High gas prices and natural disasters dragging down the economy.

Surprisingly weak job numbers are raising concern about the recovery.

The unemployment rate is up for May, and the number of new jobs created is lower than its been in eight months.

President Obama tried to put the best spin on disappointing jobs numbers during a visit to a Toledo, Ohio Chrysler plant on Friday.

Only 54,000 jobs were added last month, pushing unemployment up to 9.1 percent.

"Even though the economy is growing, even though it's created more than 2 million jobs over the past 15 months, we still face some tough times, we still face some challenges," Mr. Obama admitted.

The numbers overshadowed what was to be attention on the auto industry's rebound, the government's selling its remaining stake in Chrysler to Fiat, but on Main Streets around the country talk of cars these days usually revolves around the cost to fill them up.

Debra Neff was one of thousands lined up for hours in Indianapolis, vying for a chance at temporary work at the state fair, jobs that pay just over seven dollars an hour.

"The price of gas is really high right now," she said.

"I've got applications all over Indianapolis and its very hard," added Anthony Anders.

Back in Washington, House Speaker John Boehner urged the president to do more.

"One look at the jobs report should show the White House it's time to get serious about cutting spending and dealing with our ailing economy," he said.

Economists now wonder if the latest economic news is a temporary roadblock or sign of something worse.

The economy would need to generate 100,000 jobs each month just to match population growth.

It will take about 200,000 new jobs a month to force the unemployment rate down.
 

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