President Barack Obama says the May jobs report shows that the economy is not creating jobs "as fast as we want" but vows that the economy will improve.
Obama says, "we will come back stronger. We do have better days ahead."
Not sure what he's basing that on, since the people who probably know best -- those who operate on the economy's front lines -- are not seeing any evidence of it, as Reuters reports in "Economic Worry Tightens U.S. CEOs' Grip on Spending":
CEOs will hold their wallets a little bit tighter heading into the summer after the long-awaited recovery in U.S. employment stumbled in May.
The United States had been a relative bright spot this year in a troubled world economy coping with Europe's debt crisis and a cooling Chinese economy. But a weaker-than-expected May jobs report on Friday gave corporate America fresh worries.
AT&T Inc was one company that was not surprised by the disappointing jobs numbers as it has seen a lack of hiring at both big and small corporate clients. Fewer employees at these companies means fewer phone lines, which hurts AT&T's growth prospects.
"We are not seeing any hiring in the upper end of business in the U.S.," said Randall Stephenson, chief executive of the biggest U.S. phone company by revenue, told an investor conference in New York on Friday. "People aren't hiring a lot in the U.S," he said.
At smaller companies, Stephenson said, the situation was worse. "As you go down-market, it's getting tighter and tighter, and you're seeing the wallet for investment being less open."
Then again, facts don't really matter when you're running for office, right?