Unemployment Up To 9.4%
The BLS today released its employment situation report and the bad news is that unemployment is now at 9.4%. The last time unemployment was this high was in July of 1983.
Nonfarm payroll employment fell by 345,000 in May, about half the average monthly decline for the prior 6 months, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The unemployment rate continued to rise, increasing from 8.9 to 9.4 percent. Steep job losses continued in manufacturing, while declines moderated in construction and several service-providing industries.
Going by the Household Survey the number of unemployed increased by 787,000. This makes this recession as bad as 1957 and not quite as bad as 1948 in terms of unemployment. So despite the very mild good news yesterday about new jobless claims this data more than offsets it.