GENEVA, SWITZERLAND – The US jobless rate rose to 8.9 percent, the highest in nine months, surprising many analysts, who were expecting a better performance. Some 69,000 new jobs were added to the market in May, while April figures for new jobs were revised downwards, from 115,000 to 77,000. The jobless rate rose for the first time in a year, CNBC noted.
The news promptly became political fodder, with the Republicans’ new presidential candidate Mitt Romney slamming President Barrack Obama’s record on jobs. The Guardian in the UK noted that “The news, combined with fresh fears about the future of the eurozone, sent US stock markets into a tailspin. By early afternoon the Dow Jones had lost over 270 points, all the gains it had made so far in 2012.”
