US jobs figures far below estimates

Manufacturing growth also slows

The US jobs figures are in, and they aren't particularly great. 69,000 new jobs were created, whereas the consensus estimate had been 150,000. Further downward revisions for the last two months, as well:

The change in total nonfarm payroll employment for March was revised from +154,000 to +143,000, and the change for April was revised from +115,000 to +77,000.

In fact, the revisions downwards are almost more damaging. The first estimate for May being bad is the headline news, but may be inaccurate; the fact that the March estimates are still being revised downwards in the third estimate hints at real damage to the underlying structure of the economy which has yet to be resolved.

The news pushed the US bond market, already at a ridiculously weak level, lower still, finishing at 1.46:

One silver lining for the US is that manufacturing data, in contrast to the UK, is holding up. The PMI, released today, stands at 54. Although down from 56 last month, any number above 50 indicates that the sector is expanding.

Chris Williamson, Markit's chief economist, said:

The data compares well with PMI surveys for other countries, and suggests that the U.S. economy is showing encouraging resilience in the face of the many headwinds from abroad. The slower growth in May was largely due to a near-stagnation of export orders, reflecting deteriorating demand in many overseas markets, notably the Eurozone but also emerging markets such as China.

A job seeker fills out an application during a job fair hosted by the State of New York. Photograph: Getty Images

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

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“Trembling, shaking / Oh, my heart is aching”: the EU out campaign song will give you chills

But not in a good way.

You know the story. Some old guys with vague dreams of empire want Britain to leave the European Union. They’ve been kicking up such a big fuss over the past few years that the government is letting the public decide.

And what is it that sways a largely politically indifferent electorate? Strikes hope in their hearts for a mildly less bureaucratic yet dangerously human rights-free future? An anthem, of course!

Originally by Carly You’re so Vain Simon, this is the song the Leave.EU campaign (Nigel Farage’s chosen group) has chosen. It is performed by the singer Antonia Suñer, for whom freedom from the technofederalists couldn’t come any suñer.

Here are the lyrics, of which your mole has done a close reading. But essentially it’s just nature imagery with fascist undertones and some heartburn.

"Let the river run

"Let all the dreamers

"Wake the nation.

"Come, the new Jerusalem."

Don’t use a river metaphor in anything political, unless you actively want to evoke Enoch Powell. Also, Jerusalem? That’s a bit... strong, isn’t it? Heavy connotations of being a little bit too Englandy.

"Silver cities rise,

"The morning lights,

"The streets that meet them,

"And sirens call them on

"With a song."

Sirens and streets. Doesn’t sound like a wholly un-authoritarian view of the UK’s EU-free future to me.

"It’s asking for the taking,

"Trembling, shaking,

"Oh, my heart is aching."

A reference to the elderly nature of many of the UK’s eurosceptics, perhaps?

"We’re coming to the edge,

"Running on the water,

"Coming through the fog,

"Your sons and daughters."

I feel like this is something to do with the hosepipe ban.

"We the great and small,

"Stand on a star,

"And blaze a trail of desire,

"Through the dark’ning dawn."

Everyone will have to speak this kind of English in the new Jerusalem, m'lady, oft with shorten’d words which will leave you feeling cringéd.

"It’s asking for the taking.

"Come run with me now,

"The sky is the colour of blue,

"You’ve never even seen,

"In the eyes of your lover."

I think this means: no one has ever loved anyone with the same colour eyes as the EU flag.

I'm a mole, innit.