Via the BBC: US economy adds 175,000 jobs in May
The latest US non-farm payrolls show that 175,000 jobs were created last month. But the unemployment rate increased slightly to 7.6%.
May was the third month in a row that non-farm payrolls increased by less than 200,000, stoking fears that the US government austerity might be harming the economy.
The spending cuts were highlighted in the latest jobs report as the federal government cut 14,000 jobs. There were also job cuts in manufacturing.
That we continue to cut government jobs isn’t helping. The wisdom of these policies have a certain penny wise, pound foolish logic to them.
In May, the number of long-term unemployed – those jobless for 27 weeks or more – was unchanged at 4.4m. These individuals accounted for 37.3% of the unemployed.
Meanwhile, March’s job creation figure was revised to 142,000 from 138,000, and April’s to 149,000 from 165,000.