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 6, 2016
INTERNATIONAL. PMI: The high cost of low performance shows need for stronger worldwide implementation of project, program and portfolio management.
date:Posted: February 6, 2016
UAE. S&P expects Abu Dhabi's government balance will worsen further based on the ratings agency's updated oil price assumptions; However, the emirate's large net asset position will continue to give it a considerable buffer to support the economy; Continued structural and institutional weaknesses anticipated.
date:Posted: February 5, 2016
INTERNATIONAL. "Saudi regional leadership amounts to exploitation of a window of opportunity rather than reliance on the assets and power needed to sustain it. That window of opportunity exists as long as the obvious regional powers - Iran, Turkey and Egypt - are in various degrees of disrepair."
UAE. S&P expects Abu Dhabi's government balance will worsen further based on the ratings agency's updated oil price assumptions; However, the emirate's large net asset position will continue to give it a considerable buffer to support the economy; Continued structural and institutional weaknesses anticipated.
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