May's dismal jobs report shows that politicians in the U.S. and elsewhere are losing control and need to do more to guide the global economy back to more sustained health.

Central banks have stimulated their respective economies to generate growth, but such moves send economies moving at stall speed, where like an airplane, they move too slowly to generate enough lift to keep aloft and end up stalling and tanking.

Such policies sure aren't creating jobs, especially in the United States.

Editor's Note: The Final Turning Predicted for America. See Proof.

"It's a very weak report not just in terms of job creation and the unemployment rate but also in terms of hours worked, earnings and long term unemployment," El-Erian tells Bloomberg TV.

"Less obvious and equally important is this is a reflection of a worrisome trend, which is every major part of the global economy is slowing, and slowing rapidly," El-Erian adds.

"Right now we seem to be in a synchronized global slowdown."

Aside from weak jobs numbers, manufacturing figures have disappointed worldwide, while overall growth rates are cooling.

Since the downturn, the Federal Reserve has jolted the U.S. economy via quantitative easing (QE) — asset purchases from banks — in an effort to pump liquidity into the financial system and spur recovery.

The European Central Bank has made cheap loans readily available to banks, known as Long-Term Refinancing Operations (LTRO), designed to ease credit and fuel recovery as well.

Elected politicians need to take steps now, as monetary policy authorities have done all they can.

"The message going out to politicians around the world is get your act together, because you are losing control of the situation," El-Erian says.

"QE and any other Central Bank action is just a bridge and so far has been a bridge to nowhere. What we need are more meaningful steps to improve economic productivity and growth, and that's talking about housing, education, credit and public finance," El-Erian adds.

"So whether we get QE here or whether we get an LTRO in Europe may help for a while, but it's not going to fundamentally change the situation. We need other policymakers to finally step up to the plate and do what they are supposed to be doing."

Other experts agree the May jobs numbers are bad but shouldn't come across as a surprise.

Growth rates have remained weak, wages sluggish and the economy is still reeling from spikes in gasoline prices earlier this year amid tensions with Iran, which are waning today.

"It's pretty horrid but not unexpected," says Boris Schlossberg, Director of FX Research at GFT in Jersey City, New Jersey, according to Reuters.

"What we are seeing is the lingering effects of higher gasoline prices earlier in the year. That dampened demand and made employers much more cautious. For now, the risk currencies remain very much under pressure because the last hope of the bulls was the U.S. economy and it is showing signs of slowdown just like the rest of the world."

Editor's Note: The Final Turning Predicted for America. See Proof.