Sunday, June 6, 2010

Dismal unemployment report; no new private sector jobs

The department of labor, bureau of labor statistics released the May unemployment situation report on Friday, June 4,2010. The report shows no significant change in private sector employment. The private sector added only 41,000. The non farm payrolls increased by 431,000 jobs but 411,000 were temporary census jobs.

There was a small increase in manufacturing jobs of 29,000 and temporary help (+31,000), but construction decline by 35,000.

Economists, policy makers and government officials are worried that the recovery related hiring is slowing down. Some have speculated that the reducing hiring is a structural change as employers fore go hiring and squeeze workers for additional hours and productivity.

The unemployment rate dropped to 9.7% nationally.

The unemployment rate for Blacks (Black U-3) dropped to 15.5%. But the under employment rate has been above 23% until recently. The teenage unemployment rate remain about 40 percent (38%).

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