Friday, June 1, 2012
The Department of Labor's May unemployment numbers are out, and they're disappointing. Employment increased by a net 69,000 jobs, with the rate ticking up a tenth of a point to 8.1%. Last months job gaines were revised from 115,000 to 77,000. This seems to be a replay of the Spring-Summer unemployment blues we've seen the last few years. Health care and transportation/warehousing saw the biggest job gains, with construction showing the biggest losses. But overall, there wasn't much significant change in any of the numbers. Therefore, it's the disappointment that the labor market isn't picking up steam that's the real problem.