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Jobs Barely Keep Up With Population Growth

by Wolf Richter, Testosterone Pit.com:

So, 175,000 jobs were created in May – a rough estimate that is in line with the 12-month average of 172,000. The employment gains reported for March and April were revised down by 12,000. And the unemployment rate ticked up to 7.6%, from 7.5%, or as the Bureau of Labor Statistics phrased it in its polite and politically correct manner “was essentially unchanged.” With disturbing disparities that we’ve become inured to: the unemployment rate for Asians was 4.3%, for whites 6.7%, for Hispanics 9.1%, and for blacks 13.5%.

The number of long-term unemployed remained stuck at 4.4 million, and the number of those who wanted to work full-time but had only part-time jobs or had seen their hours cut back remained stuck 7.9 million. There are still 1.9 million fewer jobs than before the recession at the end of 2007.

Job creation in the private sector was spread thinly across a number of industries, while others remained stagnant. Different story in the public sector: governments shed 3,000 jobs. Payroll at the federal level was cut by 14,000 – down 45,000 for the 12-month period! The Postal Service alone was responsible for 3,800 job cuts. State governments trimmed off 2,000 workers, but local governments went on a hiring binge, adding 13,000.

Read More @ TestosteronePit.com

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