May Jobs Report Shows Sluggish Growth
The U.S. economy produced 69,000 jobs in May, and the unemployment rate climbed from 8.1 percent to 8.2 percent as the economy showed only sluggish growth.
The growth was slower than many economists had expected; Reuters poll of economists had expected the economy to add about 150,000 jobs during the month.
The growth in jobs has slowed this year after early signs of strength. But the ongoing economic crisis in Europe, slowing growth in China and the continuing hangover from the banking collapse of 2008 have proven hard for the economy to shake.
There were a few bright spots in the report. The unemployment rate rose primarily due to more employees entering the workforce; the additional job-seekers indicates that there is more faith in the economy’s short-term growth.
Overall, the private sector added 82,000 jobs in May, while government shed 13,000 jobs.
In response to the report, House Minority Leader Nancy Pelosi tweeted, “The jobs report makes clear we have more work to do for the middle class. Yet GOP won’t offer jobs plan, just tax breaks for millionaires.”