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U.S. unemployment fell to 4.7%, the lowest rate since 2007. But job creation was very weak.
The U.S. economy only added 38,000 jobs in May, according to the Labor Department. It was the worst monthly job gain since 2010.
It's also well below April's meager job gains of 123,000. Job creation in the last two months has been markedly below the average of 200,000 jobs created per month over the past couple years.
The drop in unemployment came as more disheartened Americans stopped looking for jobs and dropped out of the labor force in May.
Only 161,000 jobs were created over the last two months, when the average is well above 400,000 for the same period.
The way unemployment is tracked has become such a deception. Even though the last two months had horrible job growth, the unemployment rates still fell. Participation rate falls back to near record low.
U.S. unemployment fell to 4.7%, the lowest rate since 2007. But job creation was very weak.
The U.S. economy only added 38,000 jobs in May, according to the Labor Department. It was the worst monthly job gain since 2010.
It's also well below April's meager job gains of 123,000. Job creation in the last two months has been markedly below the average of 200,000 jobs created per month over the past couple years.
The drop in unemployment came as more disheartened Americans stopped looking for jobs and dropped out of the labor force in May.
Only 161,000 jobs were created over the last two months, when the average is well above 400,000 for the same period.
The way unemployment is tracked has become such a deception. Even though the last two months had horrible job growth, the unemployment rates still fell. Participation rate falls back to near record low.
I think putting too much stock in month to month comparisons can lead to invalid conclusions. I think you can get a better read by looking at the longer term trends.
I note that the non seasonally adjusted numbers are currently showing a different trend. Year over year the seasonally and non seasonally will tend to coalesce.
So far for 2016 the non adjusted numbers are showing employment gains of over 1 million and a decline in the NILF of almost 700 thousand vs 500 thousand and an increase in the NILF of 700 thousand.
Employed
Unadj Adj
Jan 149037 150544
Feb 150060 151074
Mar 150738 151320
Apr 151075 151004
May 151594 151030
Not In Labor Force
Unadj Adj
Jan 95051 94062
Feb 94298 93688
Mar 93914 93482
Apr 94481 94044
May 94374 94708
[b] The drop in unemployment came as more disheartened Americans stopped looking for jobs and dropped out of the labor force in May.
That's the whole point. Get people to become so discouraged they look to government as their savior. It was the same thing with Obamacare being deliberately designed to fail.
It is what it is, but keep in mind that the ADP survey (non-government) was +173,000 jobs for May. Things may not be as bleak as Republicans would like them to be.
U.S. unemployment fell to 4.7%, the lowest rate since 2007. But job creation was very weak.
The U.S. economy only added 38,000 jobs in May, according to the Labor Department. It was the worst monthly job gain since 2010.
What are you guys b**ching about, it’s more than 750 new jobs per State!
Seriously though ...
The jobs/economy pictures will continue to ‘look’ rosy until Obama is out of office. Then, if/when the real numbers hit, Team Obama will point to the next administration as ruining his great economy.
If a Republican is elected president this year, they will start reporting the real unemployment rate within ten minutes of swearing in.
Suddenly the U6 numbers will become relevant and reported.
And of course the Democrats will have no responsibility at all.
How many were part time service sector jobs vs full time non service sector?
Or the same person working two part time jobs?
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