May Jobs Report: First Impressions
jaredbernsteinblog.com — The Bureau of Labor Statistics just released the employment and unemployment results for May and the results solidly confirm that the pace of job creation has once again slowed significantly. Job growth for May came in at only 69,000 jobs, the worst month in a year. Unemployment ticked up to 8.2%, but that was largely due to more people coming back into the job market. As it looks today, the job market is simply not providing workers with the employment and earnings opportunities they need to get ahead. This has obvious negative implications for family budgets, but it also threatens the macro-economy. If this pace of job growth sticks, the economy will slow down from a growth rate that’s already too slow.