US adds 69,000 jobs in May, jobless rate up to 8.2%
Source: BI-ME with AFP , Author: Posted by BI-ME staff
Posted: Fri June 1, 2012 4:09 pm

INTERNATIONAL. The US economy added a scant 69,000 jobs in May, the lowest number in a year, and the unemployment rate rose to 8.2%, the government said Friday.

The dismal report signaled that the much hoped-for recovery in the job market has stalled and fueled speculation that it may prompt the Federal Reserve to step in with a fresh round of economic stimulus.

The Labor Department's closely watched workforce figures were well below expectations of a 150,000 jobs increase and for the jobless rate to hold steady at 8.1% from April.

"Today's US employment report for May was bad," said Jason Schenker at Prestige Economics. "Financial markets are likely to remain very concerned about a slowing pace of job creation."

Total private-sector jobs rose by 82,000, offset by a decline of 13,000 in the public sector as government continues to rein in spending amid the slow economy.

The Labor Department also slashed its estimate of April job gains by 33%, to 77,000.

The labor market of the world's largest economy softened dramatically in the current second quarter. In the first quarter, the average job gain was 226,000. In April and May, the average fell to 73,000.

The May jobs number was the lowest since May 2011, when 54,000 payrolls were gained.

The jobless rate increase to 8.2% was in part driven by a 0.2% rise in the participation rate as people joined the labor force, which added 642,000 jobs from April, and a rise of 220,000 in the number of unemployed, to 12.7 million

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: February 12, 2016
INTERNATIONAL. A Syria in which the regime and IS, rather than other rebel groups, are the only real domestic players turns Bashar al-Assad into a pivotal cog in the fight against jihadism. That is something Saudi Arabia cannot allow to happen. To turn the tide, it needs a United States that is engaged and willing to do its bit.
date:Posted: February 11, 2016
INTERNATIONAL. "Although we anticipate some strain on Gulf banks' funding and liquidity this year, good asset quality and strong capitalization remain positive factors."
date:Posted: February 10, 2016
UAE. Low oil prices will constrain the amount of funding available to Gulf sovereigns and banks to support the region's substantial infrastructure bill in coming years; S&P projects a gap as large as $270 billion through 2019 between capital spending for projects and project contracts awarded.
INTERNATIONAL. A Syria in which the regime and IS, rather than other rebel groups, are the only real domestic players turns Bashar al-Assad into a pivotal cog in the fight against jihadism. That is something Saudi Arabia cannot allow to happen. To turn the tide, it needs a United States that is engaged and willing to do its bit.
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