US only Creates 69,000 New Jobs, Unemployment Rate rises to 8.2%

The American jobs engine hit stall speed in May, with the economy adding just 69,000 new jobs while the unemployment rate climbed to 8.2 percent.

As another summertime swoon looms, the Bureau of Labor Statistics reported that job creation missed economist estimates for 158,000 new positions and the jobless rate rose for the first time in nearly a year.

Labor force participation remains near 30-year lows though incrementally better than last month, rising to 63.8 percent.

The unemployment rate that counts discouraged workers rose as well, swelling to 14.8 percent form 14.5 percent in April.

Long-term unemployment also took a sharp upturn, with the number of those out of work for 27 weeks or more jumping from 5.1 million to 5.4 million. The average duration of unemployment moved from 39.1 weeks to 39.7 weeks.

"It's painfully obvious the economic recovery in the U.S. isn't just slowing down, it's pulling up the emergency brake. And, lack of job creation isn't the only critical concern. Wages/Income is sharply lower," said Todd Schoenberger, managing principal The BlackBay Group in New York.

"For those lucky enough to have a job, their spending power is sliding when accounting for inflation.

so more people are not counted towards (unemployment numbers), very few jobs are created and unemployment continues to rise?? As workforce participation decreases unemployment should continue down.. not up. I thought we're moving forward?

Sorry hon, but workforce participation increased, not decreased. The unemployment rate naturally goes up as people who had dropped out of the workforce see their friends getting jobs and start applying themselves.

BTW--3 people I know got jobs in the last week, and all are high paying jobs in their fields. I know that kind of news is disappointing to Republicans, but there it is.

I stand corrected but don't kid yourself.. first don't call me hon?? 2nd the number changed from 63.8 to 63.6. Here's the workforce participation rates this year.

Jan - 63.7
Feb - 63.9
March- 63.8
April - 63.6
May - 63.8

So we're striving to get back to February?

Sorry hon, but workforce participation increased, not decreased. The unemployment rate naturally goes up as people who had dropped out of the workforce see their friends getting jobs and start applying themselves.

http://www.bloomberg.com/news/201...n-may.html

BTW--3 people I know got jobs in the last week, and all are high paying jobs in their fields. I know that kind of news is disappointing to Republicans, but there it is.

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Seems like an inappropriate use of an adjective to describe a number rising .3% as "swelling". [/LEFT]

How many people does this .3 percent represent?

U-6 Total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force

Jan: 15.1
Feb: 14.9
March: 14.5
April: 14.5
May: 14.8

let's take a look at the progressive recovery that's occurring:

U.S. Dept Labor & Statistics

let's take a look at the progressive recovery that's occurring:

U.S. Dept Labor & Statistics