Terrible Jobs Report Scares Everybody

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The Labor Department's non-farm payrolls report is in, and the result is bad for both the Obama campaign and the rest of the country: Only 69,000 new jobs were created in May, and unemployment ticked up to 8.2 percent. Analysts had expected 150,000 new jobs, even amid a flood of bad-seeming economic and manufacturing data.

CNBC's panelists had a full-on freak-out about the report, which also revised last month's figure down by 38,000 jobs. As the markets recoiled, Dow futures plunged, and whispers intensified about a possible QE3 from the Fed.

So everyone's screwed! But look on the bright side: We could be Spain or Greece.