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: December 9, 2016
UAE. New research from Bain & Company and Red Hat indicates that many traditional companies are at an early stage in their digital journey; leaders stand out based on their use of advanced technologies, such as cloud computing, advanced analytics and modern app development.
date:Posted: December 9, 2016
UAE. Insurers have been prompted to prepare for the effects that VAT and changes to international financial reporting standards (IFRS) will have on their industry as well as assessing the impact of new insurance regulations that came into effect earlier this year.
date:Posted: December 7, 2016
INTERNATIONAL. Will this be the year when China exceeds growth expectations, Brexit turns into Bremain, the Mexican peso soars and Italian banks turn out to the best performing equity asset class?
UAE. Insurers have been prompted to prepare for the effects that VAT and changes to international financial reporting standards (IFRS) will have on their industry as well as assessing the impact of new insurance regulations that came into effect earlier this year.
dhgate