U3 Unemployment Rises To 9.1%; Only 54K New Jobs In May
U.S. hiring slowed dramatically in May and the unemployment rate kept rising, adding to concerns the jobs market will take years to heal as the economy remains weak. Nonfarm payrolls rose by 54,000 last month as the private sector posted the smallest jobs gain in nearly a year, the Labor Department said Friday in its survey of employers. Payrolls data for the previous two months were revised down by a total 39,000 to show increases of 232,000 jobs in April and 194,000 in March. The jobless rate, which is obtained from a separate household survey, unexpectedly rose to 9.1% in May from 9.0% in April. There are almost 13.9 million Americans who would like to work but can't get a job.
The last line is incorrect. There are 13.9 million Americans who are reported as still looking for jobs who can't get a job. There are many millions more who would like a job but are so discouraged, they have stopped looking. The percentage of the working age American population who is employed is at a record low. The economy is in shambles for Main Street. Wall Street of course is making record profits. Well done Tim Geithner!
Speaking for me only
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