So you know how economists were glum last month, even though the unemployment rate dropped to 8.1%? Well, now they are freaking out, because only 69,000 jobs were added last month, pushing the unemployment rate up to 8.2%.

The Wall Street Journal reports, "Economists surveyed by Dow Jones Newswires expected a gain of 155,000 in payrolls and for the jobless rate to remain at 8.1% in May." Hugh Johnson, "whose payrolls projection of 75,000 was the closest to the May reading among economists surveyed by Bloomberg," told Bloomberg News, "The labor market is clearly deteriorating. Confidence in the economy is declining. Businesses are extremely reluctant to add workers when there’s so much uncertainty." And it's the global economy that is causing uncertainty—Europe is troubled and growth is slowing in China and Brazil.

The NY Times reports, "It was the third mediocre performance by the job market in three months, after a period of solid growth over the winter that raised hopes that the recovery was gaining momentum." One economist told the Times, "In February or March, I thought the labor market had achieved escape velocity. It appears to me now that that was a premature call."