The yield on the two-year U.S. Treasury notes dropped to a record low .26%, as investors plowed into short term U.S. government debt securities in search of safety today. The five year T-note was yielding a paltry 1.19% by mid-morning after yet another poor jobs report that showed the U.S. economy produced less than the 150,000 jobs required to keep the work force steady in the U.S.
White House press Secretary Jay Carney was poised early in the day to take credit for any good news on the job front. He was also ready to re-direct responsibility for the continuing jobs malaise in the U.S. once the reality of a floundering economy was once again the focus point in the media. When asked about the jobs report and the president's upcoming bus tour Carney said, "the White House doesn’t create jobs." Of course this statement seems to be a far cry from the occasional report over the last 30 months that actually showed job growth. When those reports have surfaced Carney and his predecssor Robert Gibbs kept the phrase "We created," handy to explain any good news on the job front.