2 months of bad Employment numbers is enough to get the FED worked up now. It is no wonder that today's minutes report says this. Check this minutes summary.
The thing is like the last month I have said, the reports are not bad enough to warrant a QE3 yet. But the recent decline and bad employment report really seems to bring some concern back after a beautiful quarter.
A bad economical job report in June is the nail needed. If 3 consecutive months, jobs reports are bad, I think chances of a QE3 announced on 19th June is a Big possibility. That is the time when Fed meeting gives its statement.
The thing is Summer holidays period from May to July are generally bad months for Jobs as Enterprise cut down on production.
Let us keep a lookout. I would post my feelings on the job report when this month comes to an end after I do a study. But so far, FED is not sleeping well over the summer holidays. Certainly no holidays for them.