It's three days after the dismal May jobs report, and now that politicians are done trying to frame those 69,000 jobs added in their favor, it's time for them to figure our how to get the economic ball rolling again. Although the Federal Reserve has doggedly refused to change course lately, the new jobs numbers may force the institution into action—actions Fed Chair Ben Bernanke may unveil when he testifies in front of Congress on Thursday.
One of the most foreboding things weighing on the United States' recovery is the euro crisis, which could be sent roiling if the Greek elections in two weeks bring in a coalition dead-set on opposing German chancellor Angela Merkel's iron-clad austerity policies. Regardless of what happens in the near future, the economy does not seem likely to get out of its funk pre-November, which means high unemployment and a dicey market at least until 2013—and a close presidential election.
- Investors Brace for Slowdown The Wall Street Journal
- A $1 Cigarette Tax Starts a $47 Million Brawl in California The New York Times
Chart of the Day
Although we've technically been in economic recovery since the recession ended in June 2009, it hasn't been the most robust, and we've still got a lot of work to do. Here's a chart of the broaded unemployment since 2008—and how stubbornly it's resisted going down.
Reason to Get Out of Bed in the Morning
Ever wonder what the mystery flavor of Dum-Dums is? Basically it comes down to the fact that the company didn't want to have to clean the machines between flavors.