The economy added 69,000 jobs in May as the unemployment rate rose to 8.2%.  GDP growth for the 1^st quarter was revised down to 1.9%.  Both the Dow and Nasdaq continued their recent declines, down 6.2% and 7.2%, respectively, for the month of May.  The ISM index fell 1.3 points to 53.5 in May.  Auto sales were down 4.5% in May.  The Case-Shiller home price index edged down 0.1% in March and was down 2.6% from a year ago.  Construction spending was up 0.3% in April as pending home sales declined 5.5%.  Personal income increased 0.2% in April as personal spending rose 0.3%.  Initial jobless claims increased 10,000 to a level of 383,000 for the week ended 5/26. 

• The economy added 69,000 nonfarm payroll jobs in May as the unemployment rate rose to 8.2%.  Job gains were less than half the expectation for 150,000 or more, and the report included downward revisions to April (from 115,000 to 77,000) and March (from 154,000 to 143,000) job gains.  The unemployment rate has now been at 8.0% or higher for a record 40 months (the previous record from 1981-1983 was 27 months). The labor force increased by 642,000 in May, after declining by a combined 506,000 in March and April. 
• First quarter GDP was revised downwards to 1.9%, from a previously reported estimate of 2.2%.  The downward revision came primarily from lower private inventory investment, higher imports (which are a subtraction from GDP), lower state and local government spending, and lower personal consumption expenditures.  These downward revisions were partly offset by upward revisions to nonresidential fixed investment and exports.
• The Dow and Nasdaq posted their worst monthly performance in two years.  The Dow declined 6.2% and the Nasdaq fell 7.2%.  The Dow had only five days of positive gains, something that has not occurred since 1968.
• The ISM index declined 1.3 points to 53.5 in May.
• Auto sales declined 4.5% in May to an annual pace of 13.78 million in May.  Sales were up 17.5% from a year ago.
• The Case-Shiller home price index edged down 0.1% in March, and was down 2.6% from March 2011.  Prices for the DC area were up 1.6% for the month and down 0.5% from a year ago.
• Construction spending was up 0.3% in April.
• Pending home sales unexpectedly declined 5.5% in April.
• Personal income increased 0.2% in April as personal spending rose 0.3%.
• Initial jobless claims rose by 10,000 to a level of 383,000 for the week ended May 26^th.