Economy Only Added 69,000 Jobs in May
Posted on June 1, 2012A much weaker than expected jobs report for May arrived today from the Bureau of Labor Statistics. A mere 69,000 jobs were added in May. Economists were forecasting higher numbers - an average of 158,000 jobs. The unemployment rate was about the same at 8.2%. Employment increased in slightly health care, transportation and warehousing, and wholesale trade but declined in construction.
The May figure is a complete reversal of the scenario from the first quarter, which suggested a sign the economy may be starting to grow again. The average monthly gain was 226,000 per month in quarter one was 226,000 jobs. These new numbers may it appear that the economy could be about to shrink again.
In May, jobs were lost in accounting and booking and construction. Minimal gains were reported in other industries. Health care employment was the strongest with a gain of 33,000 jobs.