by Jeffery Klein

Even though it has been widely reported that President Obama has an unprecedented six fund raising events today, it’s really shaping up to be a pretty bad weekend for Team Obama, who must wonder how long the main stream media can viably remain in a state of denial as the parade of terrible U.S. job and economic data hits the world stage.

Today it got worse, as the U.S. Bureau of Labor Statistics reported only 69,000 private sector jobs were created in May, versus the 148,000 jobs expected according the “consensus estimate” by the economists surveyed by Reuters, as we reported yesterday.

This 47% negative variance is alarming, but when combined with the fact they were also off by 49,000 jobs in total on the downwardly revised figures for both March, at 143,000 and April, at 77,000, a total negative variance of 22 percent, Reuters may want to consider replacing their hand-picked cadre of economists.