U.S. Adds 217,000 New Jobs in May


This is proof that statistics can “Prove” anything you want them to prove.  On the surface this seems like great news but in reality the majority of these jobs a very low paying and part time employment that does little to help the economy.  For a more detailed look at this subject – please read the article below.

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After surpassing expectations in April, the labor market performed slightly better than anticipated in May, according to numbers released Friday by the Department of Labor.

According to the government, the economy added 217,000 new jobs last month, beating out a consensus forecast of 213,000 among economists surveyed by Econoday. The gain—a retreat from April’s downwardly revised estimate of 282,000 jobs added—left the national unemployment rate unchanged at 6.3 percent.

The seasonally adjusted U-6 unemployment rate, which also includes people marginally attached to the labor force and those employed part-time for economic reasons, performed slightly better, falling a tenth of a percentage point to 12.2 percent.

Meanwhile, the number of long-term unemployed—those without a job for at least 27 weeks—was down just slightly, sliding to 3.4 million.

With May’s increase, the economy has recovered all of the jobs lost during the recession. However, Doug Handler, chief U.S. economist at IHS Global Insight, says the jobs that have been gained haven’t been especially promising.

“While the economy has generated 2.369 million jobs over the past year, a major concern remains the quality of these jobs.  Of these jobs, 388,000 were in administrative and waste services (which include temporary help services); 317,000 in retail; and 311,000 in food and beverage establishments—all low-wage sectors,” Handler said. “Key higher-paying sectors, such as manufacturing, government and financial services contributed very little to this annual growth.”

To read the complete article – please use the link below.

New Jobs in May

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