Non-farm employment fell by 345,000, about half the average monthly decline for the prior 6 months, the Bureau of Labor Statistics reported Friday. However, the unemployment rate spiked 5 basis points to 9.4% from 8.9%
Economist were expecting over half a million job losses and the unemployment rate to spike to 9.2%. The data surprisingly beat expectations on the headline but the unemployment rate raises questions.
The number of unemployed persons increased by 787,000 to 14.5 million in May, bringing the unemployment rate to 9.4%. Over 7 million jobs have been lost since the start of the recession.
Job losses were wide spread but the rate of decline moderated in most industries. Major highlights among the industries showed manufacturing jobs fell by 156,000 in May, Construction by 59,000, half of the average monthly loss; professional and business services declined 51,000, compared to an average loss of 136,000, while leisure and hospitality was flat over the month, compared to an average monthly loss of 39,000 over the past 6 months.
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