Here is Europe's version of the same thing (released simultaneously).....
Eurozone Jobless Rate At Record High
Friday, 01 June 2012 11:50:12
Eurozone unemployment reached a record high in April as companies reduced headcount to limit costs amid fears of recession.
The jobless rate came in at 11 percent in April, the same rate as seen in March, Eurostat said Friday. A record 17.4 million were unemployed in the euro area.
Chief UK economist Howard Archer sees the unemployment rate moving significantly higher. The increase in unemployment is set to weigh on consumer spending.
Adding to the negative sentiment, a report from the Institute for Supply Management showed that its index of activity in the manufacturing sector fell by more than expected in May also.
The unemployment data provides a sober reminder that the Eurozone economy is in desperate need of a more expansionary policy stance, said ING Bank NV's Martin van Vliet.
This likely means a combination of a less contractible fiscal thrust, a more expansionary monetary policy, and a much weaker exchange rate, the economist added. Policymakers of the European Central Bank will meet on June 6.
(Hey, I wonder if that meeting between Obama's top economist and the top EU Officials this week had anything to do with this? - Dust off the printers!)
