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By Andrew P. Napolitano
Obama's veil of secrecy is pierced
Topic - John Silvia
The economy is entering the third year of an expansion that has been marked by robust business profits and a historic revival of Detroit's automaker industry, among other boons, but most Americans don't feel satisfied, opinion polls show.
The nation's job market provided more evidence of a broad slowdown in the economy in May, with a sharp deceleration of job growth sending the unemployment rate up to 9.1 percent, the Labor Department reported Friday morning.
The job market improved significantly last month as employers created 192,000 new jobs, drawing down the nation's unemployment rate to 8.9 percent, the Labor Department reported Friday morning.
The nation's unemployment rate fell to 9.4 percent last month, the lowest level since May 2009, after a year in which employers created more than a million jobs, the Labor Department reported Friday morning.
Growth in jobs last month was not fast enough to prevent the unemployment rate from ticking up to 9.6 percent from 9.5 percent, the Labor Department reported Friday morning.
The economy resumed healthy growth during the spring after a winter lull, an employment report confirmed yesterday, with 132,000 jobs gained last month and a nearly 4 percent rise in wages seen over the past 12 months.
"We're just not going to recapture those," said Wells Fargo chief economist John Silvia.
While putting off the deadline would prolong the uncertainty and anxiety for a while longer, it would not do the kind of major damage to the economy that has been trumpeted in headlines this year, striking fear in the hearts of some businessmen, he said.