A disappointing jobs report was not what Wall Street expected on Friday. However, this is also somehow expected given how consumers are also suffering these days. The consumers are now feeling the effect of higher food prices and $4 gas with only little increase for their wages and the declining values of homes, which are at their lowest point in nine years.

The overall economy is has consumers accounting for 70%, according the director of The Conference’s Board’s macroeconomic analysis director, Kathy Bostjancic. The companies will not have any reason to hire more employees if the consumer keeps getting reluctant about buying. Before the jobs report for May was released on Friday, economists were only expecting a slightly weaker result due to their belief that the jobs market was only temporarily distorted after Japan’s earthquake, tornadoes in the South and the remaining effects of the increase in energy prices.

Moreover, the balance sheets reported by companies and the declines in the stock market were only minor disruptions. However, Wall Street seems to have missed the real consumer pains on Main Street. According to the compiled report from the College Board this week, the Consumer Confidence Index was at its lowest point since October. This only means that consumers still see instability in the job market, inflation and their income.

Bostjancic also added that the economic situation right now only makes it tougher for the consumers. Though the decline is not that bad yet, the country is still in a painfully slow recovery. It is no wonder why the jobs report showed weak jobs growth, with the mere addition of 54,000 jobs, which is really a significant decline from the 200,000 additional jobs from the last three months. When the consumers doubt the economy’s condition, consumer spending is usually negatively affected. This results to estimated lower demands further causing lower job employment and even job cuts.