Is This How We Move Forward? Unemployment Numbers Jump Again
8.2%. That’s the newest unemployment number; Up – again – from last quarter. At the same time, GDP growth also slowed – from 3% to 1.9% – signs that our economy if far from being in a good spot.
Financial observers note that any reported growth to employment has come from people actually giving up looking for work, and removing themselves from the job market.
In the weakest recovery since the Great Depression, nearly the entire reduction in unemployment since October 2009 has been accomplished through a significant drop in the percentage of adults working or looking for work. Some of these folks returned to the labor market in May; consequently, unemployment ticked up a tenth of a percentage point.
The month of May saw only 69,000 new jobs added to the market. Forecasters saw we need to add SIX TIMES that to drop unemployment to 6%.