Unemployment Rose in May

According to Main Stream Media reports unemployment rose in May. According to reported numbers from the U. S. Department of Labor. The unemployment rate increased to 9.1 percent from 9.0 percent the previous month. This even though 54,000 new jobs were reportedly added.

The United States added 54,000 nonfarm payroll jobs last month, following an increase of 232,000 jobs in April.

The new jobs were far fewer then economists had been expecting as the had expected to see at least 150,000 new jobs last month.

Stephen Leslie, lead financial services analyst at the Economist Intelligence Unit, said the number of jobs added might be a more accurate economic indicator than jobless claims, because many discouraged workers might have stopped looking for jobs.
Leslie had expected job creation to be above 200,000 again in May, with significant additions in the manufacturing sector.

While the addition of at least 200,000 jobs each month moving forward might support positive GDP growth, it will take another 29 months to replace the 7 million jobs lost since the start of the economic crisis, Leslie said.

"We do not see a double-dip recession or hyper-inflation in the future, but we do think U.S. economic growth prospects are pretty weak," he said.
- ABC News

Pretty weak? That is an understatement. We need new jobs now. We need all 7 million people to get back to work.
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