Recovery: Unemployment Rate Jumps To 9.1%
Nominally, we added 54,000 jobs, but as Zero Hedge points out if we strip out the birth/death adjustment the real NFP job growth number is -150,000.
The U.S. economy added 54,000 jobs in May, bringing the unemployment rate to 9.1%, the Labor Department reports.
That is up from thethe April unemployment rate of 9.0%.
The latest figures from the U.S. Bureau of Labaor Statistics show that 83,000 jobs were added in the private sector, but offset by losses in the public sector.
Just to put this into perspective, and even taking the BLS numbers at face value, the economy would have to add 250,000 jobs every month for 66 months – 5 and 1/2 years – in order to get back December 2007 unemployment numbers.
And here’s the now-infamous Bernstein-Romer “hell chart” from the Obama administration’s pitch for the stimulus spending showing what the administration said unemployed would be with and without the stimulus. The top line, of course, is what unemployment has actually been (through March, but it’s stayed relatively steady through April and May):
Are we allowed to say that Obama’s economic policies have failed yet?
Tags: Economy, jobs
